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Foreclosures Post Biggest Drop on Record
I found this in my mailbox this morning. Slowly, slowly, inch by inch, it is getting a little bit better out there. Great way to start the day & the week, though. Thanks!
Daily Real Estate News | March 10, 2011 |
The number of foreclosure notices filed in February declined 14 percent compared with last month, and foreclosure notices dropped 27 percent compared to last year at this time. That marks the largest year-over-year decline that RealtyTrac, a foreclosure tracking site, has ever recorded.
The number of U.S. homes in some stage of foreclosure fell drastically last month, reaching a 36-month low, RealtyTrac reports.
Initial default notices, scheduled foreclosure auctions, and homes repossessed by lenders all dropped in February, RealtyTrac says.
"Allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets," says RealtyTrac CEO James Saccacio. "The industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures.
Lenders repossessed 64,643 homes in February, a 17 percent drop from January.
Initial default notices dropped 16 percent from January - and 41 percent from a year ago. What's more, foreclosure auctions dropped 10 percent from last month and 21 percent from February of ... more
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