Kramer and Kaslow: RealtyTrac Releases New Home Foreclosure Data

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Kramer Law: New Numbers from RealtyTrac Show 40 Month Low for Foreclosures

Kramer & Kaslow

According to data recently published by the data collection service RealtyTrac, (http://www.realtytrac.com/content/press-releases/foreclosure-activity-at-40-month-low-6578), home foreclosure activity has fallen to a 40 month low. “Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

In the same article, RealtyTrac is further reporting that the average length of time between a homeowner falling behind in their payments and a foreclosure being filed has increased substantially, “Nationwide, foreclosures completed (REOs) in the first quarter of 2011 took an average of 400 days from the initial default notice to the REO, up from 340 days in the first quarter of 2010 and more than double the average 151 days it took to foreclose in the first quarter of 2007.”

Philip Kramer, a perennial recipient of the “Southern California Super Lawyer” award and senior partner at the law firm of Kramer & Kaslow, observes that these fresh statistics may have an effect on new government regulations, particularly in light of the recent GAO report on mortgage lender practices (http://www.gao.gov/new.items/d11433.pdf). Kramer, whose consolidated plaintiff litigation lawsuits have been filed against major banks hopes that the bad news may need to some much needed help for struggling homeowners.

For more of Philip Kramer’s thoughts on this matter, visit the Kramer and Kaslow blog.

ABOUT PHILIP KRAMER
PHILIP A. KRAMER is the senior partner of the Law Office of Kramer & Kaslow, in Calabasas, California. Kramer & Kaslow is Martindale Hubbell “AV” rated. Mr. Kramer is a perennial recipient of the prestigious “Southern California Super Lawyer” award.

Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes commercial litigation and trial advocacy, with a concentration on business litigation, and real property matters. He has prosecuted and defended cases for over twenty five years.

Mr. Kramer is a licensed real estate broker and has spent considerable time providing legal services in connection with real estate issues relating to loan modification and loss mitigation, land use and zoning, environmental issues, easements, construction and development, finance, and landlord tenant matters.

Mr. Kramer is admitted to practice before all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. Mr. Kramer has tried in excess of 200 cases. He has appeared on nationally televised programs regarding pre-trial procedure and trial strategy and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. Kramer frequently lectures on a broad spectrum of various legal and business issues.

Mr. Kramer also serves as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

Mr. Kramer is also a past president of the Los Angeles West Inns of Court, a national organization dedicated to bringing professionalism and civility back into the legal profession. He also serves on numerous Boards of Directors and serves as an officer in many companies. For more information call (818) 224-3900 or visit http://kramer-kaslow.com.

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Stuart R. Simone, Esquire
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