Foreclosure activity plummets in November

Printer-friendly versionSend by email

Foreclosures were down sharply in November, both compared to the previous month and November 2009, according to RealtyTrac.

December 30, 2010

 

Foreclosures were down sharply in November, both compared to the previous month and November 2009, according to RealtyTrac.

Filings, which included default notices, scheduled auctions and bank repossessions, were down 21% compared to October and down 14% from a year ago. Much of the decline can be attributed to the robo-signing controversy.

“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, CEO of RealtyTrac. “While part of the decrease can be attributed to a seasonal drop of 7 to 10 percent 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.”

Comments on: "Foreclosure activity plummets in November"

December 2014

This Month in Professional Builder

Products

Skyline Windows released an ADA-compliant crank operated tilt and turn window with incremental control. 

Features

Builders are more optimistic about the industry as the overall economy becomes less of a concern, even as the rising cost of materials and labor commands more attention.

Email Subscriptions