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IPFS News Link • Housing

Foreclosures Forecasted to Flood Market in 2011

Foreclosure filings for the month of January experienced a 17 percent decline over last year, according to RealtyTrac, Inc., which publishes the most comprehensive database of home foreclosures online. But this positive news could slightly mislead consumers. Other background factors are at play. For example, many lenders are currently bombarded with the sheer number of defaulted mortgage loans, not to mention the added pressure of fraud allegations, which has spurred the meticulous combing through of all foreclosure filing documentation. Other aspects of the real estate market to consider when looking ahead are: the resetting of option adjustable rate mortgage loans due this year, increasing unemployment rate, spiking mortgage rates, and decreasing home prices.

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