Data from RealtyTrac indicated that May foreclosures were way down compared to April. Hold the party hats and noise-makers because even this bit of good news, May was the third straight month with foreclosures exceeding 300,000 with Nevada and Arizona leading the pack.
A “normal” market typically sees less than 100,000 foreclosures per month. RealtyTrac estimates the number of filings to increase over the next few months as we see the impact of the end of the various foreclosure moratoriums implemented by various lenders and states.
As foreclosure filings remain high, there remains the ever-growing chance of foul play by law firms that handle foreclosures. For these law firms, business can be very profitable in dire economic times. It would be very tempting for some law firms to take up a large load of foreclosure filings and unlawfully handle them, for example, consider the investigation the Connecticut AG is conducting right now – which we blogged on earlier this month.
For more on the statistics, click here.