Home Loan Focus

When the CEO’s of the largest banks in America appeared in front of Congress during the middle of February, Congress asked them to put a moratorium on foreclosures in place until the government could get their plans together to help.

One bank already had a moratorium on foreclosures in place and two other followed shortly after by the end of the month.  However, the request for a moratorium only went out to the largest banks and then very late in the month of February.

That moratorium may have prevented February from being the worst month for foreclosures since this crisis started, but it did not keep it out of the top 3 and did not help to save 290,000 properties.

Slightly more than 290,000 properties – one in every 440 housing units – were slapped with a foreclosure filing in February, up nearly 30% from a year earlier. That total, a roughly 6% increase from January, was the third-highest monthly total – following those in August and December 2008 – since the foreclosure-listing service’s report was launched in early 2005.

The results, which come amid widespread foreclosure-prevention efforts, show filings spike after moratoriums expire. After a 45-day voluntary moratorium in Florida ended at the end of January, foreclosure activity increased 14% from a month earlier, RealtyTrac said. Many New York proceedings delayed by a 90-day extension appear to have hit the system in February, boosting foreclosure activity by 23%, the report said.

US Foreclosure Filings In February Up 30% On Year -RealtyTrac

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