Foreclosure filings down in first half of year
Foreclosure filings dropped in 84 percent of the largest U.S. cities in the first half of the year as paperwork delays and a glut of seized properties slowed the repossession of homes, Bloomberg reported.
According to data seller RealtyTrac Inc., notices of default, auction and home seizure fell in 178 of the nation’s 211 largest metropolitan areas.
Foreclosure notices have dropped amid a probe by all 50 state attorneys general into “robo-signing,” the practice by lenders and servicers of pushing through documents without verifying their accuracy. RealtyTrac expects about 2 million foreclosure filings this year, down from a January forecast of as many as 3.2 million.
“The foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings – and sometimes by both,” RealtyTrac CEO James Saccacio said in the report.
Las Vegas had the highest foreclosure rate of any city with one in 19 households receiving a notice, almost six times the national average.
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