U.S. Home Foreclosures May Top 100,000 in January
According to NPR news article on January 3, 2011, by Tamara Keith
Over the holidays, many lenders put foreclosures on hold. But that temporary freeze is over now. Industry watchers are expecting thousands of foreclosed properties to hit the market in the weeks and months ahead.
Home foreclosure sales slowed down at the end of 2010 for two reasons: the regular holiday foreclosure freezes, and the remnants of the so-called Robo-signing scandal.
In the fall, many lenders put evictions on hold while they reviewed their foreclosure procedures. Rick Sharga of RealtyTrac says that’s behind us now — and the pace of foreclosure is about to pick up.
And then there’s the issue of loans. Mortgage lenders have so tightened their credit standards that now, even people with relatively good credit scores are having a hard time borrowing the money they need to buy a house.
Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg, and the Tampa Bay area.
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