Housing market experiencing 'Dangerous foreclosure flare-ups'
February foreclosure filings increased 2 percent month-over-month (MoM) in February, according to the latest foreclosure report from RealtyTrac. These include default notices, auctions, and real estate owned (REOs) properties. But filings were down 25 percent from a year ago.
One in every 849 homes received a foreclosure filing in February, down from a foreclosure rate of one in every 869 homes the previous month.
"The U.S. foreclosure inferno has been effectively contained," according to Daren Blomquist, vice president at RealtyTrac. "But dangerous foreclosure flare-ups are still popping up in states where foreclosures have been delayed by a lengthy court process or by new legislation making it more difficult to foreclose outside of the court system."
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