Home foreclosures leap in March
Total home foreclosure filings jumped in the Pittsburgh region in March, especially default notices to residents behind on their mortgage payments.
A report from RealtyTrac Inc. of Irvine, Calif., showed 920 foreclosure filings — from default notices to sheriff's sales — in the seven-county region in March. That was 67 percent more than in February and 55 percent more than in February 2012.
Experts say the increase in foreclosure activity could represent filings pent up from a year ago, when 13 major banks suspended foreclosure activity pending the final outcome of a settlement with regulators that accused the banks of improperly foreclosing on homeowners.
The banks, which included Pittsburgh's PNC Financial Services Group, arrived at a settlement in early 2012. Checks totaling $3.6 billion will be sent to some 4.2 million people this week.
PNC is paying out $69.4 million, said the U.S. Comptroller of the Currency, but the number of recipients was not available.
“We haven't seen any dramatic increase in unemployment around here, which would account for more filings,” said Greg Simmons, development compliance specialist and a foreclosure expert at Action-Housing Inc., a housing services agency Downtown.
“What you're seeing is some fallout from mortgage companies and loan servicers, which were restrained from foreclosing last year,” said Simmons.
Default notices in the Pittsburgh region increased to 359 in March, roughly double those in February (163), and up 36 percent from March 2012 (263).
The total number of home foreclosure filings nationally in March dipped 1.2 percent to 152,500 from 154,281 in February. They dropped 23 percent from 198,853 filings in March 2012.
Thomas Olson is a staff writer for Trib Total Media.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Feds tighten loan-backed securities
- Disney files patent for drone-controlled puppets
- Court clears FedEx Ground drivers to pursue wage, benefit claims
- MF Global’s $1B suit against PricewaterhouseCoopers to go before jury
- Hotel extras? Oh, yes, there’s a fee
- Cadillac SRX to be assembled in Tennessee
- CBO’s forecast less optimistic than Obama’s
- Customers anxious for details about Highmark transition plan for Western Pennsylvania
- Spiders force Suzuki to recall midsize cars
- EDMC reaches debt-restructuring deal with creditors
- Squeezed by consumers’ focus on fresh foods, Heinz revamps frozen meals