Robo-Reality: Final Foreclosures Fall as Pipeline Swells

50 percent of loans in foreclosure in judicial states have not made a payment in two years, as opposed to 28 percent in non-judicial states.

The number of new foreclosures in 2011 dropped nearly 40 percent, according to year-end numbers just released by Lender Processing Services; there is, however, little cause for celebration.

The fall is largely due to moratoria and process reviews stemming from the so-called “robo-signing” foreclosure paperwork scandal.

Mortgage delinquency rates were largely unchanged from last year, which means all that distress will be pushed forward to 2012 and beyond.

To give you an idea of just how much the “robo” scandal is toying with the numbers, LPS compared states that require foreclosures to go through the courts versus states that don’t (judicial versus non-judicial) and found the following:

- 50 percent of loans in foreclosure in judicial states have not made a payment in two years, as opposed to 28 percent in non-judicial states.

- Foreclosure sale rates in non-judicial states are about four times those in judicial states.

"Nationally, foreclosure pipelines remain at historic highs, but they are clearing at very different rates depending upon state procedures," says Herb Blecher of LPS Applied Analytics.

With the nation essentially split between judicial and non-judicial foreclosure states, it’s safe to say the foreclosure crisis will linger longer than anyone expected, especially with negotiations for a settlement between big banks and state attorneys general hitting yet another roadblock.

California Attorney General Kamala Harris rejected the latest proposal this week, calling it inadequate.

“Our state has been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners, and meaningful enforcement that ensures accountability. At this point, this deal does not suffice for California,” she wrote in a statement.

Bank sources say that without California the value of the settlement would drop by billions and banks would still have major liability for foreclosure fraud. About one fifth of the nation's foreclosures are in California.

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Pipeline: Commercial <b>Real Estate</b> Round Up for 1.28.11 : Richmond <b>...</b>

Grubb & Ellis | Harrison and Bates reports the following deals:

Tetra Pak Tubex, Inc. leased 30,000 square feet at 675 Industrial Drive in Louisa County.

Astro Jump of Richmond expanded into 3,000 square feet at 11034 Air Park Road in Hanover County.

Central Virginia Automatic Arms, LLC leased 1,200 square feet at 10967 Richardson Road in Hanover County.

H & R Block extended a lease on 1,000 square feet at 1225 N. Laburnum Ave in Henrico County.

Commonwealth Commercial Partners, Inc. reports the following deal:

KLMK Group, Inc. leased 6,856 square feet at 7130 Glen Forest Drive in Henrico County.

Cushman & Wakefield | Thalhimer reports the following deals:

Open Plan Systems has leased 38,000 square feet at 2819-2823 Bells Road in Richmond.

JoAnn Fabric & Crafts has leased 19,100 square feet in Merchant’s Walk Shopping Center at 7504-7598 W. Broad Street in Henrico County.

Capital Warehouse has leased an additional 10,000 square feet for a total of 50,000 square feet leased at 3031 Transport Street in Richmond.

Tokyo Restaurant has leased 9,100 square feet in Brandy Hill Plaza at 7443 Lee Davis Rd. in Mechanicsville.

KLMK Group has leased 6,856 square feet at 7130 Glen Forest Drive in Henrico County. Ohio Farmers Insurance Company has leased 5,277 square feet in North Park, 4701 Cox Road in Henrico County.

Dynamic Taekwondo, Inc. has leased 3,092 square feet in Village Square at 14722 Village Square Place in Chesterfield County.

Jenkins Restorations has leased 3,000 square feet at 2102 N. Hamilton Street in Richmond.

Mature Options has leased 2,704 square feet in Two Paragon Place at 6802 Paragon Place in Henrico County.

Greenlee Textron, Inc. has leased 2,496 square feet in Springfield Commons at 3924 Springfield Rd. in Henrico County.

C&F Mortgage has leased 2,221 square feet in the Winchester Building at 10800 Midlothian Tpk. in Chesterfield County.

Taekwondo America has leased 2,150 square feet in Tower Plaza at 3401-3431 Cox Road in Henrico County.

Gentiva Health Services, Inc. has leased 2,078 square feet in Midlothian Center at 101-271 Wadsworth Drive in Chesterfield County.

Pereira, Inc. has leased 1,837 square feet at 1700 Huguenot Road in Chesterfield County.

River City Detailing has leased 1,500 square feet at 701-730 Johnston Willis Dr. in Chesterfield County.

Firehouse Subs has leased 1,465 square feet at Parham One at 8101-8191 Brook Road in Henrico County.

Biocare Carpet & Upholstery of Richmond, LLC has leased 1,200 square feet at 4102 W. Clay Street in Richmond.  R. Scott Douglas, SIOR and Franklin Bell of Thalhimer handled lease negotiations.

TJ Nails has leased 1,200 square feet at Westchester Commons, Watkins Center Parkway at Rt. 288 & Midlothian Tpk., in Chesterfield County.

One Environmental Group has leased 1,175 square feet at 500 Libbie Avenue in Richmond.

National Pawn Shop has leased 1,128 square feet at 7037 Staples Mill Rd. in Henrico County.

Filed Under: News, Pipeline
Tagged: Astro Jump of Richmond, C&F Mortgage, Capital Warehouse, Central Virginia Automatic Arms, Dynamic Taekwondo, Gentiva Health Services, Greenlee Textron, H & R Block, J.J. Haines, Jenkins Restorations, KLMK Group, Mature Options, National Pawn Shop, One Environmental Group, Open Plan Systems, Taekwondo America, Tetra Pak Tubex, Tokyo Restaurant

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