Foreclosure filings dropped 9.6% from December, RealtyTrac reports, largely due to the combined mitigation efforts of banks and the government – but remain 18% higher than a year ago. In January, one in every 466 houses was the subject of a foreclosure filing. Yesterday, Foreclosures.com said completed foreclosures plunged by more than 25% in January from December, to 72,694 from 97,841. Preforeclosure filings – an indicator of future completed foreclosures – also fell 12%. “Efforts last year by government and industry to lay the groundwork for housing recovery finally are yielding the hoped-for slowdown in the foreclosure hemorrhage,” Foreclosure.com president Alexis McGee said.
Charlie Potts says
Foreclosures have dropped because the debt holders have agreed to hold off for awhile. Don’t be fooled.