US Foreclosure Rate “Flat-lined” in May
RealtyTrac Inc., a private foreclosure listing service, said on Thursday that foreclosure-related notices has remained from last year as more banks hold back from evicting people from their homes.
RealtyTrac reported that almost 323,000 households received a foreclosure-related notice in May, up by 0.5 percent from a year earlier but down 3 percent from April.
A new report released by a private foreclosure listing service on Thursday showed a significantly “flat rated” year-over-year foreclosure record in the United States in May.
RealtyTrac Inc. senior vice-president Rick Sharga, citing their records, said that the number of Americans receiving foreclosure notices and legal warnings from banks have remained the same from the same period last year.
On Thursday, RealtyTrac reported that almost 323,000 households received a foreclosure-related notice in May, up by 0.5 percent from a year earlier but down 3 percent from April.
But despite the relatively “stalemate” in the housing market, Sharga warned that the foreclosure level in the US remained “extraordinarily high,” noting that more banks chooses to let delinquent borrowers to stay longer rather than add up to the already exhausted foreclosed market.
Sharga , likewise, pointed to the new consumer protection law as one of the reason for the lower turnout in the foreclosures. The law, which varies by state, allows delinquent borrowers to spend longer period in their homes despite months of lag in their mortgage payments.
RealtyTrac also said that they expect the huge wave of foreclosures in the second half of the year as banks reach the allowable time extension given to borrowers.
“It’s far from recovery. Especially with the high unemployment rate in the US, the mortgage assistance program will most likely fail. If the economic conditions in the country will not improve fast enough to lift home sales, it will be another dip to the housing sector,” the firm warned.
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