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Thursday
Mar102011

Foreclosures Fall in February

ABC News(IRVINE, Calif.) -- The foreclosure-listing firm RealtyTrac says home foreclosures in the U.S. fell to a 36-month low in February.  

Lenders delayed taking action against homeowners last month while they deal with increased scrutiny over the handling of home repossessions. "We've been hit by two tsunami waves in this particular foreclosure cycle," according to Rick Sharga with RealtyTrac. "The first wave was caused by unsubstantially high home prices and really bad lending practices. That led to an economic downturn which led to high unemployment rates which resulted in a second wave of foreclosure actions."

Realtytrac believes the economic improvements we're seeing right now will result in few foreclosure actions, but not really for another year or so. "What we're seeing right now are numbers that are artificially low because lenders, servicers and courts are very busy reprocessing foreclosure actions that were misfiled in the first place," says Sharga

Nevada tops the home-foreclosure list once again, a position it's held for over two years now.

Copyright 2011 ABC News Radio

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