Thursday, February 14, 2013

U.S. Foreclosure Starts Fall to Six-Year Low in January as Scheduled Foreclosure Auctions Increase in 26 States



Daren Blomquist
IRVINE, CA, Feb. 14, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its U.S. Foreclosure Market Report™ for January 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 150,864 U.S. properties in January, a decrease of 7 percent from the previous month and down 28 percent from January 2012. 

The report also shows one in every 869 U.S. housing units with a foreclosure filing during the month

“The U.S. foreclosure landscape in January was profoundly altered by the effects of new legislation that took effect in California on the first of the year,” said Daren Blomquist, vice president at RealtyTrac.

 “Dubbed the Homeowners Bill of Rights, this legislation extends many of the principles in the national mortgage settlement — including a prohibition on so-called dual tracking and requiring a single point of contact for borrowers facing foreclosure — to all mortgage servicers operating in California.
 
“ In addition the new law imposes fines of up to $7,500 per loan for filing of multiple unverified foreclosure documents. 

"As a result, the downward foreclosure trend in California accelerated into hyper speed in January, decisively shifting the balance of power when it comes to the nation’s foreclosure activity.”


For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann
949.502.8300, ext. 139

Ginny Walker
949.502.8300, ext. 268

Data and Report Licensing:
Data Sales Department
800.462.5193

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