Stalled paperwork is to blame, or thank, for a drop inforeclosure filings over the first three months of this year.
According to RealtyTrac, home repossession filings were down 30 percent for the first quarter of 2011. While some have attributed this decline to an improved economy, RealtyTrac attributes it more to processing problems that have plagued lending offices and banks across the country. The same report showed that new foreclosure filings increased in March; should this trend continue, the number of total foreclosures this year could reach 1 million.
According to CEO James Saccacio, "The nation's housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low," which he attributed to "weak demand, declining home prices and the lack of credit availability." Nevada showed the highest foreclosure rate in the nation, with one in every 35 homes being filed on. Arizona came in second, with one in every 60 homes; California followed with one in every 80 homes facing foreclosure.
Do you want to fight foreclosure? Contact us to get the help you need from a
Houston bankruptcy lawyer!