According to the latest data from Fitch Ratings, foreclosures are almost two times as high as they were at the same time last year.
The agency uses Residential Mortgage-Backed Security, or RMBS, Performance Metric. Their most recent findings indicate that the rate of foreclosure on homes with delinquent mortgages has increased to 10 percent a month.
Officials say the apparent increase in foreclosures is related to last year’s discovery of problematic procedures in the foreclosure industry like “robo-signing” and the subsequent delay in many foreclosure proceedings.
Experts predict that home prices in the U.S. will drop by about 10 percent in the months to come.
If you or someone you know is facing foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to discuss your situation with one of our attorneys today.