After long lull, foreclosure filings ramp up

New foreclosures were filed against more than 11,000 Florida homeowners in November, a 7 percent jump over the same month in 2010 and the first year-over-year increase in 20 months.

The surge in new cases supports predictions that banks would be ramping up their foreclosure action as they continue to recover from last year’s robo-signing scandal. It also matches Palm Beach County clerk of court data that measured a 51 percent annual increase in new filings in November.

But it bucks a national trend that shows a 3 percent drop in new foreclosures last month from October and a 14 percent drop from November 2010, according to a report released today by RealtyTrac.
. . .

Ken H. Johnson, a finance and real estate professor at Florida International University, said he’s not surprised by the increase in new filings statewide.

“The banks were shut down for so much of 2010,” said Johnson, referring to the paperwork problems uncovered last fall that led to nationwide moratoriums on foreclosures.

Read : ” After long lull, foreclosure filings ramp up” by The Palm Beach Post

Related posts

Leave a Reply

*

Please solve the following to prove you are not a bot: * Time limit is exhausted. Please reload CAPTCHA.