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Thursday, August 11, 2011

Foreclosure activity falls to 44-month low

Most lenders are now seeking short sale and private loan modifications.  This is not due to a recovering economy or improving housing situation.
This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own," said James Saccacio, CEO of RealtyTrac. "It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure."
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