Foreclosure Rates Dip In November 2010

November 2010 marked the lowest level of foreclosure activity in the United States in the past eighteen months! This is not an indication that the economy is coming back, or that people are earning more money and homeowners are making their mortgage payments.  The significance of lower foreclosure rates is most likely caused by a number of the largest banks in the country freezing their foreclosure process due to the fact that they are being investigated by attorney generals in all fifty states.  The investigations concern the improper handling of foreclosure proceedings.

In the month of November 2010, 67,428 homes were taken back by lenders.  This is the lowest rate since May 2009; however, as of the end of November, 980,000 homes in the United States have been lost in foreclosure sales.  This is the largest amount of homes being taken in foreclosure since 2005.

Rick Shark, a senior vice president at Realty Tarc stated “It’s almost impossible to imagine we won’t break a million” (referring to foreclosed homes this year).  He further stated, “Unfortunately, it’s a record that we’ll probably break next year.”  Had there not been a problem with improper foreclosure procedures, it was likely that banks would have taken back 1.2 million homes in 2010.

Due to the problems seen in the courts and the investigations by attorney generals in all fifty states, banks temporarily ceased taking legal action against their borrowers who were behind on their mortgage payments.  Some banks thereafter indicated they would proceed with the foreclosure process, but there are still a number of large banks who are not moving forward with foreclosures at this time.

Foreclosure Problems to Continue in 2011

Many of the factors that have been involved in this foreclosure crisis will still exist in 2011.  High unemployment, falling home values and difficulty in obtaining new mortgages are several of the factors that are contributing to the current mortgage crisis.

It is estimated that almost 11 million homes, or 22.5%, of all homes that have a mortgage, were under water for the July through September quarter of 2010.  This is according to housing data by the firm CoreLogic.

During November 2010, 262,339 homes received at least one foreclosure notice.  Utah is now the number two state in foreclosures on a per-capita basis in the United States.  It is estimated that 1 out of every 220 households in Utah received a foreclosure notice in November 2010.  This is more than twice the average in the United States.  Other states with very high foreclosure rates are California, Arizona, Florida, Georgia, Michigan, Idaho, Illinois and Colorado.  The foreclosure rate in New York is high, but not as high as some of the aforementioned harder hit states.

Foreclosure Defense Lawyers

If you’re behind in your mortgage or have been turned down for a mortgage modification, you need to think about foreclosure defense.  The foreclosure defense lawyers at The Law Office of Elliot S. Schlissel have been assisting their clients in dealing with foreclosure problems for more than twenty years.  We also help our clients with mortgage modifications.  We represent our clients in court appearances and foreclosure conferences in court.  We stop the foreclosure from going forward!

We deal with defective foreclosure lawsuits, bad faith bank practices and predatory lending issues.  If you have a foreclosure problem, call us at 1-800-344-6431, 516-561-6645 or 718-350-2802. We can help you!

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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

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