SEARCH
« Ford Recalls 1.2 Million F-150 Pickups | Main | Claims for Unemployment Benefits Increase by 27,000 »
Thursday
Apr142011

Foreclosures Fall to Three Year Low

ABC News(NEW YORK) -- Foreclosure activity fell to a three-year low in the first quarter of 2011, according to the latest report released Thursday by RealtyTrac.

According to the listing firm, there was a 15 percent quarterly decrease in foreclosure activity and a 27 percent decrease from the same time period last year.

RealtyTrac's Rick Sharga says, "Unfortunately we're expecting to see foreclosure numbers go back up again."

He says the drop is attributed to lenders still dealing with a backlog of pending foreclosure cases, adding "problems in the way foreclosures were actually processed over the last year or so, that are causing the lenders to have to redo thousands and thousands of foreclosures and slowing down new activity."

Foreclosure data for March suggests the activity may be starting to creep higher.

Copyright 2011 ABC News Radio

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>






ABC News Radio