Content about Real property law

A May 16 report from the Mortgage Bankers Association added another bright note to the housing market, with the percentage of U.S. homeowners behind on their mortgages falling to the lowest level since 2008. The delinquency rate for residential mortgage loans decreased 7.4% during the first quarter of 2012.

Foreclosures are not improving at the same rate, however. The percentage of loans in the foreclosure process as of March 31 was 4.4%, relatively unchanged from the previous quarter and down one basis point from 4.5% a year ago.

The state of Nevada has filed a lawsuit against a Florida firm responsible for more than half of the nation’s annual foreclosures, claiming that it defrauded homeowners and turned them out of their houses without due process.

An article in USA Today points to concerns over uncertainty about foreclosure rules, and their impact on the housing market recovery.

While about one million financially distressed Americans could stay in their homes longer thanks to foreclosure processing delays, but the result for the general housing market could be a delayed recovery, according to the article.

An article in the Buffalo News reported that 84 Lumber has sold several properties in New York State in lease-back arrangements that will allow the pro dealer to raise cash and continue to operate its existing lumberyards.