Home > 2011 > Personal Finance > Delays in Foreclosure Process Cause Actions to Hit 40-Month Low

Delays in Foreclosure Process Cause Actions to Hit 40-Month Low

Advertiser Disclosure Comments 2 Comments

Delays in Foreclosure Process Cause Actions to Hit 40-Month LowThere were foreclosure filings against 219,258 U.S. housing units during April, a 9 percent drop from March, and a year-over-year decline of 34 percent, according to the latest monthly statistics from the housing market data collection firm RealtyTrac. This means that one of every 593 housing units in the country received some sort of foreclosure action.

[Resource: Misconceptions May Keep Homeowners From Getting Low-rate Refi’s]

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James 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.”

Overall, 10 states account for 70 percent of all the foreclosure activity in the country, the report said. Those states suffering the most heavily under the weight of an unhealthy housing market are California, Florida, Arizona, Michigan, Nevada, Illinois, Texas, Georgia, Ohio and Colorado.

[Article: FICO Releases Research to Profile Strategic Defaulters]

Many of the aforementioned states have received substantial help from the federal government to help stem the number of foreclosures.

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

  • Pamela Cambria

    We really do need more help for people! Our Senior’s are the ones that are not getting, enough help in this process! When they do a Reverse Mortgage we need to better educate them and make, sure they fully understand what they are, signing, and what the after, affects are when they pass away! This should be done right away! Because most of them do not understand what they are, doing and they get caught up in all, of this mess and when they pass-on their Children think they own their home even if, they have a living trust and will! It is the Children that suffer in the long run! Better yet they need to get rid of Reverse Mortgage’s all together!

  • http://www.foreclosurerepos.com/ Foreclosures

    We already have a lot of bureaucracy in this process. Delays really do not help!


Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.