RealtyTrac: Foreclosures Set to Rise in 2012
January 18th, 2012 in CDPE by cdpe
There’s both good news and bad news on the foreclosure front.
The good news? According to RealtyTrac’s Year-End 2011 U.S. Foreclosure Market Report™, total U.S. foreclosure activity and the foreclosure rate were both at their lowest annual level since 2007.
The bad news? Foreclosure levels were artificially lowered due to delays following the robo-signing scandal. However, those delayed foreclosures will likely reappear in 2012. Fortunately, both the financial and government sectors are more committed than ever to finding alternatives to foreclosure, including short sales.
In fact, Bank of America expects a 60-70% increase in short sale closings this year.
“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011,” said Brandon Moore, chief executive officer of RealtyTrac.