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Compilation of foreclosure data was not absolutely foolproof due to bottlenecks that were present in the system itself. Arriving at a conclusive picture was a difficult task as one found data evidence to vary with different companies and services, tracking foreclosures in the country.
J.D. Bondurant who worked as research analyst with the VHDA said that to obtain a detailed statistics from local official sources or from state authorities was well nigh impossible because there was no central office where all foreclosure proceedings could be noted in each jurisdiction. Bondurant added that the state tried to compile data collected from various sources in order to assist Virginia Foreclosure Prevention Task Force, which had been recently established to redress the foreclosure issue.
RealtyTrac, the most trusted name in servicing data and information on foreclosures in the entire country, was also unable to compile a complete coverage of the foreclosure proceedings. As an example Bondurant stated that Foreclosure Repos had listed in Bristol, seven foreclosures, three distressed properties and three bankruptcies, whereas RealtyTrac showed none of these statistics in its reports. Virginia was a non-judicial state and pulling out data from its offices was not an easy task. Tennessee was also a non-judicial state, and so it did not have a central department to store foreclosure filings. Both the states recorded high foreclosure activities ranking among the top 15 states with the maximum number of foreclosure house taking place in larger metro areas. According to the THDA, Tennessee recorded 4,193 and 4,358 foreclosure filings in May and June 2008 respectively. RealtyTrac traced foreclosure filings in Virginia to be 24,000 in 2007, up from 16,000 in 2006 and in May 2008 alone 4,827 foreclosure filings. The silver lining is that both the states are well behind California, Nevada, Arizona and Florida, the nation’s foreclosure riddled states.
The high-cost loans were at the root of the suffering of the borrowers. Most of the states that were the focal point of the foreclosure crisis were under the volatile high-cost loan variety. Bondurant felt that even the borrowers who qualified for the conventional mortgage were unnecessarily now burdened with the adjustable-rate mortgage loan.
Maria Timoney, an attorney in the Southwest Virginia Legal Aid Society, while dealing with foreclosure cases had noticed that many borrowers were forced through foreclosure process due to unscrupulous predatory practice of lenders who insist on high-cost variety loan under subterfuge of availing the best deal for the borrower.
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[...] willing to apply it to the entire state of Florida. He focuses on two main points – some of the distressed properties have been so badly mauled that their prices are far below the market rate. Desperate lenders are [...]