” A Pale Green Mermaid Blog “
Below is information from Realty Trac concerning the foreclosure rate across the United States, approximately 940,000 foreclosures took place in the first quarter of 2010. They mention that it appears that lenders are finally starting to make a dent their backlog of distressed properties and that foreclosure prevention programs have slowed down the normal processing time to reach foreclosure.
This is not good enough, a moratorium nationwide on all foreclosures ( for 6 months) is needed… then the banks who were involved in promoting predatory mortgage lending practices –
will have time to re-evaluate each foreclosure request and,
the mortgage owners will have the time to make a complaint to the consumer protection agency or congress concerning the unfair lending practices i.e. loan shark- like mortgage contracts.
This will help the economy by keeping citizens in their homes where they have a better chance to recoup from a job loss or the reduction of their financial holdings.
A moratorium on foreclosures will hurt only the banks who were involved in promoting the high risk and questionable financial products sold to the public.
So call and write your congress person today.
FORECLOSURE ACTIVITY INCREASES 7 PERCENT IN FIRST QUARTER
By RealtyTrac Staff
New Quarterly Records for Scheduled Auctions and Bank Repossessions
All Foreclosure Types Spike in March, Which Posts Highest Monthly Total for Report
IRVINE, Calif. – April 15, 2010 — RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for Q1 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.
Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.
“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: a shallow trough in January and February followed by a substantial spike in March,” said James J. Saccacio, chief executive officer of RealtyTrac. “One difference, however, is that the increases were more tilted toward the final stage of foreclosure, with REOs increasing 9 percent on a quarterly basis in the first quarter of 2010 compared to a 13 percent quarterly decrease in REOs in the first quarter of 2009.
“This subtle shift in the numbers pushed REOs to the highest quarterly total we’ve ever seen in our report and may be further evidence that lenders are starting to make a dent in the backlog of distressed inventory that has built up over the last year as foreclosure prevention programs and processing delays slowed down the normal foreclosure timeline.”
Banks Resist Plans to Reduce Mortgage Balances
April 15, 2010, New York Times
In a rebuff to the Obama administration, two big banks on Tuesday drew a line in the sand on cutting the mortgage balances of beleaguered homeowners, saying that the tool would be applied sparingly.
( When the banks needed a bailout from the taxpayers the money was not “applied sparingly” so why are the banks not stepping up to the plate for citizens caught in the debacle they created?)