According to the year end report, there were almost one million homes (the report indicates 947,995, to be exact) that were sold in 2012 that were in some stage of foreclosure or already bank owned (REO) at the time the property was sold. This accounted for 21% of all residential sales in the United States in 2012.
Additionally, the report indicates that properties that were not yet in foreclosure but were sold through a “short sale” procedure accounted for 22% of all residential sales in the United States in 2012.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “the RealtyTrac report confirms what those watching the market already know. 43% of all sales in the United States last year were by or on behalf of people upside down, or banks that already foreclosed on their homes. The percentage of sales by distressed homeowners is even larger.” Most people are unaware of how bad the housing market still is. The short sale market is fueled by the fact that banks get a credit against the prior Attorneys General settlement by agreeing to sales that yield less money than that of the underlying note. Mr. Broderick adds that “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem. That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com
Lender Litigation, Unlawful Foreclosure, Tarp Money, Mortgage Backed Securities, Derivitives Lawsuits, Insider Trading Lawsuit, SEC Settlements, Ponzi Scheme Lawsuits, Intentional Misrepresentation, Securitized Mortgage, Class Action Securities Lawsuit, Robo-Signing Lawsuit, Lost Equity Litigation, Mortgage Lender Fraud, FINRA Fraud Lawsuit, Suing Banks, Fraudulent Misrepresentation, Short Sale Fraud, Fraudulent Business Practices, Mortgage Litigation, Complex Tort Litigation, Injunctive Relief, MERS Fraud