Categorized | Finance and Mortgage

Foreclosures Drop in the United States

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According to the most recent real estate market data reports, the number of foreclosures in the United States dropped nationally during the month of February. Despite the drop on a national level, however, nearly half the states in the country posted increases year-over-year with respect to the number of foreclosures filed.

 

The foreclosure rate is down eight percent from one year earlier, and two percent from the month of January. With that said, foreclosure activity is expected to increase once again in the very near future now that the banks have accepted the robo-signing settlement.

 

The fact that more than twenty states posted increases in foreclosure activity is a telling sign that the number of foreclosures processed will soon experience a gradual increase across the nation. Many states currently have a massive backlog of foreclosures that have built up while the banks negotiated a settlement for the robo-signing suit. The banks are only now starting to divert their attention to those homes, which means that the number of foreclosures hitting the market will continue to increase over an extended period of time.

 

The greatest increases in foreclosure activity took place in the Midwest and on the East Coast. The West Coast didn’t see any substantial increases in foreclosure filings, and actually saw a fairly significant decrease in some areas. Seattle’s foreclosure activity fell by nearly sixty percent. Phoenix saw its foreclosure activity fall by almost forty percent.

 

On the flipside, Tampa posted an increase of sixty-four percent in foreclosure activity. Miami, Chicago, and Philadelphia all were not too far off from that number as well.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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