Home > Avid Law Center, Foreclosure > Homes lost to foreclosure top 4 million

Homes lost to foreclosure top 4 million

While foreclosure filings and repossessions fell to their lowest level since 2007 last year, more than 4 million homes have been lost to foreclosure over the past five years, according to RealtyTrac, the online marketer of foreclosed properties.

One in every 69 homes had at least one foreclosure filing during the year, while 804,000 homes were repossessed, as reported by CNN Money.

The Los Angeles Times is reporting that in California, 3.2% of homes logged at least one foreclosure filing last year, down from 4.1% a year earlier. Specifically, 2.7% received notices in Los Angeles County and 2.5% in Orange County, compared with nearly 5% in San Bernardino County and 5.3% in Riverside County.

Last year’s declines are due, in large, to processing delays caused by fall-out from the “robo-signing” scandal that broke in late 2010. Banks spent more time making sure paperwork was legal and proper, creating a backlog in the foreclosure pipeline. However, California and other states are likely to see an enormous wave of long-delayed foreclosure action in the coming year as banks deal more aggressively with 3.5 million seriously delinquent mortgages.

While several factors worked against homeowners last year, including the continued erosion in home prices, government foreclosure prevention programs, like HAMP and HARP, helped ease the crises although neither have lived up to their expectations.

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