Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

Foreclosures drop to three year low- time for balloons and streamers?

Foreclosures plummet

According to RealtyTrac, the number of foreclosures hit a three year low as the number of foreclosure notices filed during the first quarter of 2011 plummeted 27% compared to the first quarter of 2010.

In the first quarter, 681,000 homes with loans got a default notice and 215,046 lost their homes.

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James Saccacio, RealtyTrac’s CEO.

Party time?

The housing sector is currently hobbling along and many people are looking for and even clinging to any sign of a turnaround, but this not one of those signs. The universally acknowledged reason for the drop in foreclosure filings is that banks are attempting to actually process foreclosure paperwork rather than processing via robosigners, or holding off altogether.

Advertisement. Scroll to continue reading.

So hold off on the balloons and streamers- the day will come but we’re not there yet.

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

23 Comments

23 Comments

  1. Thomas A B Johnson

    April 14, 2011 at 8:54 pm

    Fates are up 10% from the low. Underwriting standards are as tight as the 180's S&L crisis when we had 15% rates. Foreclosures are down because they can't deliver good title on REO's so the shadow inventory is piling up. Fannie and Freddie are about to become the nation's Sec 8 landlord.

  2. MH for Movoto

    April 18, 2011 at 12:40 pm

    Sounds great, but I'm guessing there's some terrible catch . . . .

    • Lani Rosales

      April 19, 2011 at 12:47 pm

      The catch is that they were higher than they should have been in the first place, thanks to robosigners falsely foreclosing on homeowners. The second catch is that it's only a temporary drop as they have foreclosures kind of on hold while they sort out reform of banks.

Leave a Reply

Your email address will not be published.

AdBlocker Message

Our website is kept FREE to you by displaying online ads to our visitors. Please consider supporting us by disabling your ad blocker OR subscribing to our email newsletter: https://theamericangenius.com/get-american-genius-newsletter/

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Real Estate Technology

(TECH NEWS) It turns out that Internet of Things, like smart bulbs in homes, are not secure and give up your info - here...

Real Estate Marketing

(MARKETING) Your fancy, self-animating website might be making people violently ill, even if it is insanely beautiful. Sorry...

Real Estate Marketing

(MARKETING) Conduit is a CRM that does more than CRM, it analyzes your networking data to help you see how to improve your relationships.

Real Estate Corporate

(REAL ESTATE) Zillow has long been a data powerhouse, but a lawsuit about a $150M listing offers a look into listings claims.

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.