Tuesday, February 21, 2012 / by Nathan Clark
Foreclosures Tick up in January
Signs that the foreclosure slow-down caused by scrutiny of banks’ processing practices is winding down continue to surface. U.S. foreclosure activity picked up in the month of January, according to one foreclosure listing service.
RealtyTrac reported that foreclosure filings increased 3 percent from December to January. The figure is still significantly lower, a 19 percent decrease, than in January 2011.
As banks faced criticism that arose with the “robo-signing” paperwork scandal in late 2010, the foreclosure process slowed in 2011. And financial institutions also were heavily involved with state and federal government agencies in hammering out a settlement to affected borrowers. The increase in January’s numbers could be an indication that activity will pick up again now that some of those kinks appear to have been worked out.
That said, RealtyTrac hypothesized in its 2012 Foreclosure Market Outlook that foreclosure activity is past its peak for the housing slump that began in 2007.
RealtyTrac reported that foreclosure filings increased 3 percent from December to January. The figure is still significantly lower, a 19 percent decrease, than in January 2011.
As banks faced criticism that arose with the “robo-signing” paperwork scandal in late 2010, the foreclosure process slowed in 2011. And financial institutions also were heavily involved with state and federal government agencies in hammering out a settlement to affected borrowers. The increase in January’s numbers could be an indication that activity will pick up again now that some of those kinks appear to have been worked out.
That said, RealtyTrac hypothesized in its 2012 Foreclosure Market Outlook that foreclosure activity is past its peak for the housing slump that began in 2007.
