The Latest Foreclosure and Mortgage News
2011 March 24 by Staff
According to Consumer Bankruptcy News, nearly 3 million properties in the U.S. received foreclosure papers during 2010. This is a 2 percent increase from 2009 and a 23 percent increase from 2008.”Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity – triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 – which we estimate may be as high as a quarter million – will likely be re-started and add to the numbers in early 2011.”Source: Consumer Bankruptcy News, February 24, 2011
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