After about a year of decreased foreclosure filings due to the "robo-signing" scandal, where banks allegedly took property without properly reviewing the loan documents, the number of foreclosure filings are reportedly set to increase after lenders have supposedly taken the time to ensure that all their paperwork is in order. During that time off the number of foreclosures to be filed have mounted.
Over the last year, housing prices have maintained a slight yet steady increase. House prices in 20 U.S. cities rose 0.9% in July, making 4 consecutive months of increases, according to the S&P Case-Shiller index of home values. Nonetheless, that is still 4.1% below where values were a year ago. If foreclosed properties flood the market again, housing prices will most likely decrease again because banks price foreclosed homes towards selling quickly.
An increase in foreclosure filings has already been reported in this year's third quarter. A 0.3% increase was seen which reverses the decrease experienced in the last 3 consecutive quarters. Foreclosure filings reported include default notices, scheduled auctions and bank repossessions.
Unfortunately, "increased foreclosure filings will continue to erode house prices....the questions is, at what point do you reach the bottom of the market?" said Ed Delgado, a former Wells Fargo senior vice president and CEO of the Five Star Institute, a mortgage-education provider. Delgado does not see any recovery in the foreseeable future and is concerned bottom may not be until the third quarter of 2012.
If you are facing a Florida Foreclosure Lawsuit, you may need help navigating the foreclosure process and today's housing market. Contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today for a free review of your situation.
