Home > Avid Law Center, Foreclosure, Loan Restructuring > Foreclosures hold steady

Foreclosures hold steady

The imminent wave of foreclosures has still yet to strike with new numbers out from Lender Processing Services, Inc. showing that March foreclosures have stayed steady. The new data from LPS also shows that are still down from March 2011.

69,000 foreclosures were completed in March, compared to 85,000 in March 2011 and 66,000 foreclosures in February 2012.

The Los Angeles Times reports: “About 1.4 million homes, or 3.4% of all homes with a mortgage, were at some stage in the foreclosure process last month, the same as in February but down slightly compared with 1.5 million in March 2011, Santa Ana research firm CoreLogic said.”

The rate of foreclosures has slowed since last year during accusations of faulty practices and improper paperwork by lenders. Experts have predicted that foreclosures are expected to rise again since the  national settlement was reached in February. However, there has been little uptick in the number of foreclosures which could be a result of the national mortgage settlement that pushes lenders to work with troubled borrowers to avoid foreclosure.

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