Monday, September 19, 2011

Foreclosure Sales Slow

While lenders have resumed foreclosures after putting them on hold as a result of an investigation into "robo-signing" a year ago, snags remain in the process. 1010data Inc. and CoreLogic Inc. report a drop in the number of foreclosed homes liquidated to 3.6 percent in June from 5.7 percent in August 2010. The number of homes entering the foreclosure pipeline tops the number being sold by banks. The delays help home owners hang onto their properties longer and aid the economy in the short term, but make it difficult for new buyers to close on foreclosed properties. Source: “Effort on Home Loans Stalls," The Wall Street Journal (Sept. 19, 2011)

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