Foreclosure Filings to Increase Another 20% in 2011

Foreclosure filings up another 20% in 20011?  That’s the future according to a new report from RealtyTrac released today.  The report shows that 2.23% of all U.S. housing units, or one in 45, received at least one foreclosure filing during 2010.  Over 3.8 million notices went out on a record 2.9 million properties throughout the US, up 2% from 2009 and 23% from 2008.  Real estate experts believe that there will be a surge in filings during the first quarter after lenders restart their proceedings after the robo-signing scandals and the holiday season when some lenders and servicers give borrowers a break.  Filings for foreclosure were the lowest quarterly total since Q4 2008.

“Total properties receiving foreclosure filings would have easily  exceeded 3 million in 2010 had it not been for the fourth quarter drop in  foreclosure activity — triggered primarily by the continuing controversy  surrounding foreclosure documentation and procedures that prompted many major  lenders to temporarily halt some foreclosure proceedings,” said James J.  Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure  activity still hit a record high for our report, and many of the foreclosure  proceedings that were stopped in late 2010 — which we estimate may be as high  as a quarter million — will likely be re-started and add to the numbers in  early 2011.”