February 2012 U.S. Foreclosure Market Report: Foreclosure Tide Rising in Half of Largest Metro Areas

March 15, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for February 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 206,900 U.S. properties in February. That was a 2 percent decrease from the previous month and was down 8 percent from February 2011 — the lowest annual decrease since October 2010. The report also shows one in every 637 U.S. housing units with a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

What Does $448 Million Get You? A Whole Lot of CFPB

As the CFPB gets its feet wet in monitoring and enforcing consumer financial protections, it has come under examination on another front: how much it costs.

CFPB Director Richard Cordray presented testimony last Wednesday before members of a House Financial Services subcommittee in defense of the CFPB’s increasing price tag for taxpayers. According to the Administration’s latest budget proposal released Monday, the cost of the agency will amount to $448 million in 2013. Because it is not subject to the congressional appropriations process, it also has the ability to request more.

See below for the breakdown of the CFPB Budget.