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Foreclosure filings in US drop
By Leah Schnurr |
March 11, 2011, Friday
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Print Edition
Print Edition
FORECLOSURE filings in the United States dropped to a 3-year low in February due to an ongoing backlog following last year's halt in activity, according to a RealtyTrac report yesterday.
Notices of default, auctions and bank repossessions tumbled 13.9 percent from January to 225,101, the lowest since February 2008. Filings dropped 27 percent from February of last year, the biggest year-over-year drop since RealtyTrac started the report in 2005.
Investigations into the foreclosure process prompted temporary halts from some servicers late last year.
A bottleneck among lenders, servicers and attorneys as they refile paperwork that was improperly done means homes that would otherwise be delinquent aren't being processed, said Rick Sharga, senior vice president at RealtyTrac.
Banks foreclosed on 64,643 properties in February, down 17 percent from January.
Notices of default, auctions and bank repossessions tumbled 13.9 percent from January to 225,101, the lowest since February 2008. Filings dropped 27 percent from February of last year, the biggest year-over-year drop since RealtyTrac started the report in 2005.
Investigations into the foreclosure process prompted temporary halts from some servicers late last year.
A bottleneck among lenders, servicers and attorneys as they refile paperwork that was improperly done means homes that would otherwise be delinquent aren't being processed, said Rick Sharga, senior vice president at RealtyTrac.
Banks foreclosed on 64,643 properties in February, down 17 percent from January.
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