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Foreclosure Rate Continues to Slow

Mortgage News > Foreclosure Rate Continues to Slow
Date: 11/01/2010    Foreclosure Rate Continues to Slow

Lenders nationwide are following the current trend in the housing industry which is slowing the rate at which foreclosures are processed through their institutions.  RealtyTrac, a data collecting firm on foreclosure activity, reported a “6% drop in scheduled foreclosure auctions, to about 114,000, in the first 25 days of October compared with Sept. 1-25”.  According to RealtyTrac, attributing to the percentage drop in processed foreclosures is the vast media coverage the topic of foreclosure has received through out the country today.

Sandra Taylor, Circuit Court Judge in Florida said "We're seeing a dramatic decrease in the number of (new) cases being scheduled and an increase in the number of foreclosure sales being canceled."

JP Morgan has placed a temporary suspension on foreclosures in 41 states.  Other financial giants such as Wells Fargo, Bank of America, and GMAC have either put a hold on foreclosure proceedings as well or are conducting independent reviews on case files.