Banks appear to have begun picking up the pace of foreclosures on residential real estate in August, reducing the time before the housing industry works through the overhang of troubled properties, according to RealtyTrac.
RealtyTrac seeing movement toward resolving overhang of troubled properties.
Tenth-straight monthly drop due to process hangups, loan modifications, RealtyTrac says.
Drop in foreclosures due to backlog not market improvement, RealtyTrac says.
Contrary to conventional wisdom, as the nation moves through an extended housing downturn, a number of credit unions have found themselves faced with significant amounts of REO.
Debtor lawyers' tactics explained at MDDCCUA session on foreclosures, collections.
Soon after FICO announced a new service that will help credit unions' mortgage servicers, among others, predict mortgage defaults, another firm has announced a similar service that will predict default by looking at late fee payments to homeowners associations.
RealtyTrac, the leading online marketplace for foreclosure properties, released its most recent foreclosure sales report that shows that properties in some stage of the foreclosure process made up almost a third of property sales in the first quarter of this year.
RealtyTrac says average sale price of foreclosed properties nationally is 27% below price of non-foreclosed properties.
Document-driven backlog forces causes drop in foreclosure rate, firm says.