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Banks foreclose fewer US homes
Source: Agencies |
February 11, 2011, Friday
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FEWER United States homes entered the foreclosure process in January than in any month in more than three years, the latest sign lenders are taking longer to move against homeowners who have fallen behind on mortgage payments.
The number of homes that received an initial default notice fell 1 percent last month from December and tumbled 27 percent from January last year, foreclosure listing firm RealtyTrac Inc said yesterday.
Scheduled foreclosure auctions also fell to the lowest level in two years, the firm said.
The delays stem partly from foreclosure paperwork problems that came to light last fall, leading many lenders to revisit thousands of foreclosure cases, especially in states such as Florida that require foreclosures to be approved by a judge.
Some lenders that put foreclosure actions on hold temporarily last year have since resumed, but at a more measured pace.
The number of homes that received an initial default notice fell 1 percent last month from December and tumbled 27 percent from January last year, foreclosure listing firm RealtyTrac Inc said yesterday.
Scheduled foreclosure auctions also fell to the lowest level in two years, the firm said.
The delays stem partly from foreclosure paperwork problems that came to light last fall, leading many lenders to revisit thousands of foreclosure cases, especially in states such as Florida that require foreclosures to be approved by a judge.
Some lenders that put foreclosure actions on hold temporarily last year have since resumed, but at a more measured pace.
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