RealtyTrac, the online marketer of foreclosure properties, has just released their report detailing nationwide foreclosure filings in February.
Last month, foreclosures fell 4% from January’s levels, but there was a 60% increase from February 2007.
As a closing attorney for real estate investors, we are definitely seeing the effects. More and more of our clients are buying REO properties and funding those acquisitions with hard money. We’ve also seen a dramatic increase in the number of short sales prior to foreclosure.
What we’re seeing less of these days: mortgage reinstatements.
The RealtyTrac report seems to indicate that all of the recent governmental efforts to help borrowers avoid foreclosure aren’t really helping.
Again, investors should plan on these levels of foreclosures continuing for the foreseeable future.
Last month, foreclosures fell 4% from January’s levels, but there was a 60% increase from February 2007.
As a closing attorney for real estate investors, we are definitely seeing the effects. More and more of our clients are buying REO properties and funding those acquisitions with hard money. We’ve also seen a dramatic increase in the number of short sales prior to foreclosure.
What we’re seeing less of these days: mortgage reinstatements.
The RealtyTrac report seems to indicate that all of the recent governmental efforts to help borrowers avoid foreclosure aren’t really helping.
Again, investors should plan on these levels of foreclosures continuing for the foreseeable future.
Photo: R ------------------------------------> L, originally uploaded by johanna.