Huge foreclosure spikes in some states
As the foreclosure machine cranks up again, numbers soar in Pennsylvania, Maryland and several other states.
This post comes from Jeanine Skowronski at partner site MainStreet.
Foreclosure activity increased by 3% in January, with certain states experiencing a sharp increase in default notices, according to RealtyTrac.
The firm's latest data show that properties entering the first stage of the foreclosure process increased by 100% in Maryland and 112% in Pennsylvania year-over-year. Florida, Massachusetts and Connecticut all saw default-notice spikes of more than 20% year-over-year as well.(Post continues below.)
Some states, including Florida, Illinois, Indiana and Pennsylvania, saw their foreclosure activity increase year-over-year for the first time in more than 12 months.
"The foreclosure machine is slowly picking up again," says Daren Blomquist, RealtyTrac's director of marketing communications. He says the latest round of numbers indicate that the foreclosure filing freeze initiated in October 2010, resulting from the robo-signing controversy, is starting to thaw after almost a year of artificially low numbers.
In total, foreclosure filings were reported on 210,941 U.S. properties last month, with one in every 624 U.S. housing units experiencing either a default notice, a scheduled auction or a bank repossession in January.
RealtyTrac expects that increases in foreclosure activity will continue due to the finalized mortgage and foreclosure settlement between 49 state attorneys general, federal officials and five of the nation's largest lenders, which was reached earlier this month.
"Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders," RealtyTrac CEO Brandon Moore said in a written statement. "We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks."
Despite the marked increases in certain states, Nevada continues to post the highest foreclosure rates, with one in every 198 housing units experiencing a filing in January. It was followed by California, where one in every 265 housing units was distressed, and Arizona, where one in every 325 housing units is experiencing some stage of foreclosure.
Other states with high foreclosure rates include Georgia, Michigan, Florida, Illinois, Delaware, Colorado and Indiana.
More on MainStreet and MSN Money:
Record debt and growing
Record foreclosures and growing
Record mortgages underwater
Reduced home values
Reduced value of 401K accounts
Record # of families in poverty
Record # of families on food stamps
Unpopular and unaffordable Obamacare
The political experts are predicting a very close presidential election this year. Unbelievable how stupid the American voters can be.
Obama has put more people into poverty and on food stamps than ever before in this country's history. Instead of bailing out the banks holding these underwater mortgages, why didn't Obama give the money directly to the homeowners to keep their mortgages current while they were looking for jobs? We're using the American taxpayers' money to save the very people that caused this mess instead of giving the money back to Americans that could really use it. What is it about the President that he's willing to keep taking money away from regular people via taxes to save the rich bankers he says are evil? He's a hypocrite.
We keep hearing about how people are getting jobs now. The economy is on the upswing. I even heard a stupid business report women say " a job is a job right?" Wrong. These jobs are not paying enough to support a family let alone own a house too. To make ends meet people are working 2 jobs because the pay is so poor. How the hell are we going to get out of this housing crisis if no one can pay for the homes, even after the houses have been downgraded. We all can't work at Mcdonalds.
This new 26B dollar "deal" looks like Hamp II to me. The rules aren't even written down yet, and I want to know why the official site is a .com and not a .org. We are getting the **** line again Obama but most of us aren't going to buy it this time.
The reality of this economy is that our currency has been inflated through the cost of fuel while real income has gone down and the value of most real property has decreased.
If this trend continues and our leaders are more concerned about the world economy than they are about the U.S. economy. WE continue our failed foreign policy in the middle east. We allow unsustainable legal and illegal immigration policies to continue. We continue to believe the lies that both Obama and the "out of touch" Republicans tell us.....
ALL of us will end up living under the bridge.
I see alot of comments blaming the banks for forclosing, and blaming the government for not stopping it. Where is the personal responsibility? You purchased the house, you signed the agreement to borrow the money on the terms they put in front of you, why is anyone elses fault if you are not living up to your agreement and they foreclose onyour house?
Why should there haveever been mortgage bailout for anyone? If you purchase things within you means and pay your bills the way you agreed to , there would be no foreclosures. but the government keeps bailing people out, raising the deficit to unrealistic purportions, causing people like myself that have purchased within my means and pay my bills on time to suffer for other peoples irresponsibility. Should we bail out the banks? No! it's a business, but at this point people cannot look for the government to solve their problems. surviving on the government dime, makes you part of the problem, not part of the solution. What ever happened to Americans pride? I remember when it was devasting and an unthinkable embarrassment if someone had to on public assitance. Collecting food stamps had people looking at you like you were lower than low. Now the government is giving incentives to get as many people as possible on the government dole...all this does is push us further and further toward socialism. This Marxist ploy is the same thing Hitler used in 1933 before their great downfall. Wake up America before it's too late!
The free market solution to the housing crisis:
Turn home owners into renters.
Provide a few low wage jobs to rejuvenate distressed properties. ( Of course many of these jobs will probably go to illegal immigrants)
And some how THEY think this is a solution to the crisis.....
While the U.S. Government continues the same STUPID economic policies that got us here in the first place.
Don't look for Washingto to bail out homeowners...they can't even run the post office. As for the elected officals in Congress and Presidents they all live in a dream worl. They have no clue or any sense of reality.
The same thiefs that were in charge are still in charge. I want to know what the fvck has changed except the pay is lower, our houses are worth much less and prices are rising?
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