Tag Archive for 'filings'

Foreclosure Rates Rise To Their Highest Levels In First Quarter of 2009

Published
by
David Yunghans
on April 20, 2009
in Real Estate
. 0 Comments

On Thursday April 16, 2009 RealtyTrac reported that foreclosure rates in March 2009 increased by 17% from February.  The increase came as many mortgage lenders ended temporary moratoriums imposed on the filing of foreclosures.  The March and first quarter totals also jumped 24% from a year ago and were the highest since RealtyTrac began reporting foreclosure rates.  In the first 3 months of the year, 1 out of every 159 U.S. Households received a foreclosure filing, which includes a notice of default, auction sale or bank repossession.  Filings were reported on over 803,000 properties in the first quarter of 2009.  The states with the highest percentage of foreclosure filing were: California, Florida, Nevada, Arizona, and Illinois.  Those 5 states accounted for nearly 60% of the U.S. foreclosure activity.  Ohio still ranks in the top 10 for the states with the most foreclosure filings.

It seems that Congressional programs aimed at limiting the number of foreclosures have had little affect on lowering the rate of foreclosures.  However, it may yet be too early to see results from these recently passed Congressional programs.  In this market, lenders should continue to work with borrowers to modify loans for homeowners who are able to continue making payments.  Working directly with borrowers is the most cost effective and efficient way to limit the damage of the worst housing market since the Great Depression.

Bankruptcy Filings Surge in the U.S.

Published
by
Alan Hochheiser
on April 14, 2009
in Chapter 11, Chapter 13 and Chapter 7
. 0 Comments

With the current state of the economy and massive job layoffs, the number of Bankruptcy filings in the U.S. has surged. The Associated Press reported that over the last 12 months, there have been over 1.2 million bankruptcy proceedings filed. In March of 2009, there was an increase of 46% on the number of filings from March 2008. The largest percentage of increases in filings is from the Western portion of the United States: Arizona, California, Idaho and Nevada leading the way.

Many experts are predicting that this is just the start of the surge. Some early projections are for 1.5 million bankruptcies to be filed in 2009. This is despite the fact that the Bankruptcy Cramdown Legislation may have reached a roadblock in the Senate. Many experts also believe the increase will continue into 2010.

It will be a challenging time for both financial intuitions and debtors. Weltman, Weinberg & Reis will continue to keep you updated on Bankruptcy trends in order to allow creditors to be in a position to protect their interests in the current environment.