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First Quarter of 2011 May See Record Foreclosures Atlanta, GA

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First Quarter of 2011 May See Record Foreclosures

Foreclosue Sign on Top of For Sale Sign in Front of House

In the last months of 2010, home foreclosure sales slowed dramatically. According to real estate experts, there were two factors responsible for this slowdown. Mortgage lenders generally halt foreclosures during the busy holiday season, so the drop in repossessions is something to be expected, more or less, every year. However, this year was especially slow due to the so-called ‘robo-signing’ controversy of last fall. Because of the accusations that banks were improperly handling and processing foreclosure documents, many lenders halted foreclosures as they re-examined their processes. Now, however, both the holidays and the controversy have passed, leading many experts to predict that the first few months of 2011 will be ones for the record books.

According to real estate experts, thousands of homes are lying in wait, either in default or already in foreclosure, waiting for sale. Because of the high number of foreclosures postponed near the end of 2010, analyst Rick Sharga says that banks are likely to repossess up to 100,000 properties this month alone. “We always have a seasonal uptick in the first quarter, and I think it will be accelerated because of delays that the servicers will be making up for it in the first couple months,” he said. “I’d be really, really surprised if we didn’t see a probably record quarter in the first quarter of this year.”

Anticipating the high repossession numbers, real estate agents are preparing for the uptick in homes for sale. Economists are predicting that real estate market recovery may still be a long way off, as unemployment, which is currently hovering near 9 percent, is not predicted to make a large-scale improvement in 2011. The housing market cannot improve until people find jobs and feel financially secure enough to buy a home.

However, Lawrence Yun of the National Association of Realtors is optimistic. “Hopefully the improving economy, job creation, will provide the necessary housing demand to absorb the inventory that will be reaching the market,” he said.

Source: NPR, “U.S. Home Foreclosures May Top 100,000 in January“, Tamara Keith, 3 January 2011

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They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

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Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

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I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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