News & Information: Real Estate News

Florida foreclosure rate lifts after year of decreases

Wednesday, February 22, 2012  
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Florida's foreclosure activity in January increased on a year-over-year basis for the first time in more than 12 months — following a pattern seen in late 2011 in states such as California, Arizona, and Massachusetts — reports RealtyTrac.

"We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” says RealtyTrac CEO Brandon Moore. "The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year."

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