Foreclosure filings increase from February levels, but are down year-on-year

Source: MarketWatch

MarketWatch's Amy Hoak reports, "RealtyTrac reported that 239,795 properties received a foreclosure filing of some sort in March; filings include default notices, scheduled auctions and bank repossessions. Filings were down 35% in March compared with March 2010, when RealtyTrac recorded the highest number of monthly filings since it started the report in January 2005. Of the total filings, 73,393 were default notices, a 16% increase compared with February and a 37% drop compared with a year ago. Foreclosure auctions numbered 93,228 in March, a drop of 4% from February and a 41% decrease from March 2010. Bank repossessions totaled 73,174 in March, up 13% from February and down 20% from a year ago." Hoak's analysis reflects the fact that foreclosures--a painful but necessary way for the residential real estate market to clear and regain stability--are in limbo due to the mortgage servicer legal and regulatory mess, the market clearing is treading water.

Foreclosure filings likely will increase gradually as the procedural issues are worked out, said Rick Sharga, RealtyTrac’s senior vice president. “We’re not expecting to see an explosion as lenders and servicers try to catch up,” he said.

RealtyTrac reported that 239,795 properties received a foreclosure filing of some sort in March; filings include default notices, scheduled auctions and bank repossessions. Filings were down 35% in March compared with March 2010, when RealtyTrac recorded the highest number of monthly filings since it started the report in January 2005.

Of the total filings, 73,393 were default notices, a 16% increase compared with February and a 37% drop compared with a year ago.

Foreclosure auctions numbered 93,228 in March, a drop of 4% from February and a 41% decrease from March 2010.

Bank repossessions totaled 73,174 in March, up 13% from February and down 20% from a year ago.

“It’s likely that these delays [in foreclosure processing] will push out the housing recovery further than anticipated,” Sharga said.

RealtyTrac had been forecasting that after bottoming this year, home prices would remain flat until 2014, Sharga said. But given the delays of foreclosure inventory to the market, it’s likely that any significant home appreciation — on a national basis — won’t return until late 2014 or sometime in 2015, he said.

URL to orginal article: http://www.builderonline.com/builder-pulse/foreclosure-filings-increase-from-february-levels-but-are-down-year-on-year.aspx?cid=NWBD110414002

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