The market appears to have made significant progress digesting the large number of foreclosed properties left over from the housing finance crisis.
An executive whose previous firm advised homeowners looking to walk away from their mortgages says credit unions and other financial institutions should consider many of those same homeowners as potential new mortgage borrowers.
RealtyTrac says sales of foreclosed homes accounted for less real estate sales in the third quarter of 2011 from both the prior quarter and the year before.
Technically speaking, foreclosures were down in 2011, but that doesn't mean the housing market got healthy.
Large lenders seen correcting foreclosure processing errors, ending "rain delay."
RealtyTrac said initial default notices up 14% in second quarter vs. first.
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.
Distressed and foreclosed properties are still weighing on the market, but executive says market is working through the stockpile.
Tenth-straight monthly drop due to process hangups, loan modifications, RealtyTrac says.