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Filings for HUD Foreclosures and Other Foreclosed Homes Down in PA



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By : Clark Raitz    99 or more times read
The number of foreclosure-related filings, including those for HUD foreclosures, dropped in Pennsylvania last month. January filings data recorded a month-over-month and a year-over-year decline. Analysts stated that it is not yet clear whether the decline is a sign of improving market conditions or just due to the documentation issue that slowed down the processing of foreclosures last quarter.

Filings for Philadelphia foreclosures and other foreclosed properties in the rest of the state declined by 27% in January 2011 compared with January 2010. When compared with December 2010, the drop was 22.5%. January 2011 housing figures showed that one household out of every 1,495 housing units in Pennsylvania received a filing during the month. In October, the state's attorney general joined 48 other state AGs to investigate lenders' procedures in handling foreclosure cases.

This event resulted in lenders imposing a moratorium on the processing and sales of foreclosures in PA and the rest of the U.S. According to housing industry experts, this could be the reason for the decline in filings as pressure from regulators and the public forced banks to scrutinize foreclosure documents more closely, which slowed down the process. Most of them were also forced to resubmit paperwork and address accusations from homeowners, which further delayed the entry of foreclosed properties into the market.

Majority of housing market observers believe that the number of HUD foreclosures and foreclosed properties in general will increase again this year and will even top 2010 levels. They stated that 2011 will be the peak of the foreclosure crisis and cases that were stalled in the fourth quarter by the robo-signing controversy will re-enter the system this year, increasing inventories further.

Nationwide, foreclosure houses for sale recorded a rise of 1% last month when compared with the previous month. However, when January figures are compared with one year ago, the number of filings actually declined by 17%, with the whole U.S. recording over 260,000 filings for January 2011.

Foreclosure filings are predicted to increase this year in all regions of the U.S. as well as those for HUD foreclosures. For Pennsylvania, local analysts remain reluctant to declare a market recovery, opting to wait for more monthly data before making an assessment of the real condition of the state's housing industry.
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