Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Foreclosure numbers lower than last year, but likely to climb

Recent numbers indicate that the economy may be on the mend, but news about the real estate market is mixed. According to numbers recently released by RealtyTrac, 210,941 foreclosure filings were reported on U.S. properties in January 2012. Like the rest of the country, South Carolina has been hurt by a high number of foreclosure cases.

Although these numbers mark a 19 percent decrease from January 2011, they are up 3 percent from December 2011. Experts predict that the number of foreclosures is likely to increase as the year goes on, due in no small part to the recent settlement between states' attorneys general and the five major banks on mortgage fraud.

In 2010, it was discovered that major banks and mortgage servicers were processing foreclosure documents without verification. Some employees even signed papers they had not read or used fake signatures to make sure that foreclosures went through. Banks put some foreclosure efforts on hold in 2011, until they could address the robo-signing problems and make sure that the foreclosures were occurring properly. The recent settlement, however, provides mortgage lenders and servicers with clear guidelines, which are sure to make the foreclosure process easier.

RealtyTrac predicts that one million homes will be foreclosed upon this year, which is a significant increase over last year. In 2011, banks foreclosed on 804,000 homes.

If you or someone you love is facing foreclosure, contact an experienced real estate attorney. A knowledgeable real estate lawyer can assess your case and advise you of all your options and how to best proceed. The foreclosure process can be confusing and emotional, and the assistance of a knowledgeable professional can help to streamline the process.

Source: Des Moines Register, "Foreclosure activity edges higher in January," Alex Veiga, Feb. 16, 2012

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions