According to Realty Trac, foreclosure filings have surged by 17% in what is being interpretedas a possible end to the review process that has hampered and bogged down the process for more than a year. A review system was initiated by most of the major lenders in response to the robo-signing debacle that they faced last summer.
Many in the know do believe that major lenders are gearing up to accelerate the foreclosure process next year. Consequently, many of them are also gearing up to approve higher numbers of short sale transactions. As an example, Bank of America will complete approximately 100,000 short sales nationally in 2011, but has plans to complete 160,000 short sales in 2012.