To their credit, the professionals at RealtyTrac went on to give what seems to be a real analysis of what is going on: "Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets," said James J. Saccio, chief executive officer of RealtyTrac. "While a small part of February's decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months."
So, what exactly does that mean?
First, it means that the drop in the actual number is more a reflection of delays in the legal process
See photos of homes for sale in your area and across the country on AOL Real Estate
In my last column, I pointed out that there are a large number of data released about housing and that, unfortunately, more often than not; the headlines that accompany the data do not capture the whole story. Now as we head into the spring, the normal start of home buying season, it becomes crucial that participants pay close attention to the details, not just the headlines. No one wants to buy a house in a neighborhood where it looks like foreclosures have stopped coming, only to find out they were not going away, only being delayed. Without a close look, everyone is at some risk of being drawn to the wrong conclusion.
We will continue to call the market as we see it. And we hope that will help
I agree with the post. But, I want to add something. Foreclosure of property is not a small problem. What if your house will be foreclosed? You don't have the place to live. You should minimize having debts.You can also ask the foreclosure attorney who is nearest to you. Seek his advise.
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I like your post. Realize that many foreclosures have condition issues that may mean even though only owner occupants can submit an offer.
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Miami Title Company
Borrowers who seek foreclosure help early are much more likely to work out a solution, no matter how dire their situation. Based on your situation, your lender may be able to provide the foreclosure help that you need.
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