Foreclosure filings tumble 14% in November

[Roland99]

Source: MarketWatch

Foreclosure filings fell 14% in November, compared with November 2009, according to a report released Thursday by RealtyTrac, an online marketplace for foreclosure properties.

In November, filings were reported on 262,339 U.S. properties, a 21% drop from October, the report said. RealtyTrac counts all foreclosure filings, including default notices, scheduled auctions and bank repossessions in its analysis.

“Foreclosure activity decreased dramatically in November, with fewer than 300,000 properties receiving a foreclosure notice for the first time since February 2009,” said James J. Saccacio, chief executive at RealtyTrac, in a news release.

“While part of the decrease can be attributed to a seasonal drop of 7% to 10% that typically occurs in November, fallout from the foreclosure robo-signing controversy forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork.

Read more: http://www.marketwatch.com/story/foreclosure-filings-take-big-november-drop-2010-12-16

[Scurrilous]

1. K & R

:thumbsup:

[DirkGently]

2. BOA's now-ended foreclosure moratorium probably impacted this figure. nt

[prolesunited]

3. Wait till the steady stream of unemployed

hit the 99-week mark, which will intensify during the first half of 2011. If they haven't found a good job yet, they'll be taking anything. And, guess what? You can't pay the mortgage on minimum wage, even a modest one.

And the program to renegotiate mortgage payments was good in theory, but mostly ended up as a scam that ended with people losing their homes after the banks "lost" the paperwork four or five times.

[uncle ray]

4. a seasonal drop explains why the numbers are down from the same month last year.

i guess last year the seasonal drop didn't happen.

[savalez]

5. Good catch. I suppose so.