There have been many headlines recently announcing that foreclosures have declined in recent months. But while the stories are technically correct, they do not accurately reflect the current events.
Foreclosure statistics are affected by the issues with the challenges incorrect documentation which the banks have spent the last several months attempting to correct.
James J. Saccacio, CEO of RealtyTrac addressed this issue in a recent press release:
“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000. Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”
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