(PRWEB) April 10, 2012
According to RealtyTrac, foreclosure activity increased by 3% in January 2012, with certain states experiencing a sharp increase in default notices. The firm’s latest data show that properties entering the first stage of the foreclosure process increased by 100% in Maryland and 112% in Pennsylvania in the past year. Other states such as Florida, Massachusetts and Connecticut all saw default-notice spikes of more that 20% year-over-year.
Some states, including Florida, Illinois, Indiana and Pennsylvania, saw their foreclosure activity increase for the first time in more than 12 months. "The foreclosure machine is slowly picking up again," says Daren Blomquist, RealtyTrac's director of marketing communications. He says the latest round of numbers indicate that the foreclosure filing freeze initiated in October 2010, resulting from the robo-signing controversy, is starting to thaw after almost a year of artificially low numbers.
Lance Denha of the Law Offices of Lance Denha P.A. had noted earlier that “many foreclosures had remained in limbo as the government investigation into foreclosure paperwork was being reviewed”. RealtyTrac expects that increases in foreclosure activity will continue due to the finalized mortgage and foreclosure settlement between 49 state attorney generals, federal officials and five of the nation's largest lenders, which was reached earlier last month. In total, foreclosure filings were reported on 210,941 U.S. properties in January 2012, with one in every 624 U.S. housing units experiencing a default notice, a scheduled auction or bank repossession in January.
"Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders," RealtyTrac CEO Brandon Moore said in a written statement. "We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks."
Despite the marked increases in certain states, Nevada continues to post the highest foreclosure rates, with one in every 198 housing units experiencing a filing in January. It was followed by California, where one in every 265 housing units was distressed, and Arizona, where one in every 325 housing units is experiencing some stage of foreclosure. Other states with high foreclosure rates include Georgia, Michigan, Florida, Illinois, Delaware, Colorado and Indiana.
Although the fight is ongoing, there is confidence that with the proper legal minds addressing homeowners concerns and holding all mortgage servicers accountable on a daily basis, even more successful results will occur on behalf of struggling homeowners.
The Law Office of Lance Denha P.A. is committed to ensure that every possible avenue is pursed so that the homeowner’s legal rights are preserved. Actively monitoring the ever changing landscape of foreclosure laws, recent foreclosures across the nation as well as state imposed rules and procedures associated with foreclosure, is vital to ensure and protect these rights. The Law Office of Lance Denha P.A. is a multistate law firm and helps legally defend wrongful foreclosures against homeowners and utilize any and all legal tactics available to help accomplish preserving homeowner’s rights. For further information or assistance, please call at 954-840-0770.