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Foreclosure are simply stalled — voluntarily or involuntarily 

First, the good news: the number of recorded foreclosure sales during August actually fell, according to data released Thursday by the coalition of mortgage servicers, counselors and investors known as HOPE NOW. The drop — from 91,902 foreclosure sales in July to 86,594 in August — was the first in the 14 months that group has been aggregating data from key servicers.

The not-so-good news, however, is that the drop may say more about servicing capacity and decisions than it does about a potential shift in the nation’s housing and economic woes, according to various sources. Equally troubling is data the continues to show  a growing number of prime borrowers in distress.

Some sources suggest properties in foreclosure are simply stalled — voluntarily or involuntarily on the servicer’s part — and not showing up as completed foreclosures.

“It is becoming increasingly apparent that lenders and trustees can either no longer process all of their foreclosures, or are purposefully delaying the foreclosure process,” said ForeclosureRadar founder Sean O’Toole  in September. The company maintains a database of foreclosure actions within California, which saw a plateau in foreclosure activity during August. complete story

Source: HousingWire.com - Diana Goloby

Orlando Foreclosures Listings  Orlando MLS


Posted by Orlando Realty Experts on October 3rd, 2008 12:21 PMPost a Comment (0)

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