ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 01/22/2013

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL - 01/22/2013

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Half of U.S. states saw an annual increase in the number of foreclosure-related filings in 2012, but most of those were judicial foreclosure states where loan servicers were catching up on the backlog from the "robo-signing" controversy, according to a year-end report by data aggregator RealtyTrac.

All told, RealtyTrac reported foreclosure-related filings against 1.84 million U.S. properties in 2012, down 3 percent from 2011 and down 36 percent from a 2010 peak of 2.9 million homes.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

All but five of the 25 states seeing an increase in foreclosure-related filings (default notices, scheduled auctions and bank repossessions) were states where courts handle most foreclosure proceedings.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Many foreclosure proceedings against homeowners in those states were stalled, but not derailed, by allegations that loan servicers failed to follow proper procedures in filing legal documents.

After loan servicers reached a settlement last March with state and federal officials last over so-called "robo-signing" practices and revised their procedures, they began pushing new and existing proceedings through the system again (many also started approving more short sales to meet their obligations under the terms of the settlement).

RealtyTrac warned there could be a foreclosure backlog building up some states that saw filings decline in 2012, as the result of new state legislation and court rulings that make it more difficult for lenders to foreclose.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

So 2013 could see "two discrete jumps in foreclosure activity," at the beginning and end of the year, said Realty Trac's Daren Blomquist.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

The rise in foreclosure activity in many local markets in 2012 "should translate into more foreclosure inventory available for sale in 2013 in those markets," Blomquist said.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

"That is good news for buyers and investors, but could result in some short-term weakness in home prices as the often-discounted foreclosure sales weigh down overall home values" in those markets.