DC Foreclosures Compared to National Increases
Foreclosure Filings in U.S. Increase 7%
Five states accounted for 53 percent of all U.S. filings.
California (#1 at 55,312) and Nevada, Arizona, Florida and Michigan in top five according to data provided by RealtyTrac.
Bloomberg reports that U.S. foreclosure filings rose 7 percent in October to a seven-month high as lenders started to speed up action against delinquent borrowers after a yearlong review into documentation, according to a RealtyTrac report that one in every 563 U.S. households got a filing.
Filings are mounting once again after dropping nearly 31% since October 2010, when banks and loan servicers were forced to deal with complaints about their foreclosure processes.
Washington D.C. has fared better than any U.S. location during the housing crisis, but still had increases in foreclosures during the recession. The D.C. foreclosure picture is a bit skewed due to conflict over controversial measures taken to protect D.C. homeowners.
Two large title insurers stopped insuring sales of foreclosed homes in November of 2010 over concerns with the District’s foreclosure mediation legislation and the D.C. Council was forced to enact emergency legislation to amend a particular clause.
According to the Washington Post article; “Fidelity and First American had argued that the council’s law, which requires lenders to begin mediation with a homeowner before foreclosing on a home, was too broad and posed too much risk for them in insuring foreclosed properties.
To allay their concerns, the council took out a controversial clause, which said that any violation of the law would void a foreclosure sale, and replaced it with specific language endorsed by the D.C. Land Title Association about what constitutes a violation.”
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