Where Are All The Foreclosures?
After seeing a fairly steady decline in lis pendens filings since the 3rd quarter of ?09 the 1st quarter of 2012 showed a slight increase in lis pendens filings. Is this because of new defaults or the banks finally filing the lis pendens on old defaults?
The rate homes are being foreclosed on is still at all time lows. The first quarter of 2012 had only a total of 68 homes being foreclosed upon which includes both Nassau & Suffolk counties, this is considerably less then the 3rd quarter 2010 when 617 homes where foreclosed upon. Don?t expect to see the current low foreclosure rate increase anytime soon. The courts are being very careful not to allow any foreclosures to go through the court system with out a tremendous amount of scrutiny. Banks are also putting more resources into the short sale process, which is a quicker way for the banks to recover there money from delinquent loans.
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