Foreclosures plummet due to lender freezes
December 20th, 2010 12:23pm
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As many banks across the country halted their foreclosure processes this fall, the number of foreclosures dropped dramatically nationwide, according to a report from RealtyTrac.According to the study, foreclosure activity dropped off 21 percent during the month of November compared to the previous month. Officials said that drop was much steeper than the 7 to 10 percent seasonal decline that is normally seen.
"Fallout from the foreclosure robo-signing controversy forced lenders and servicers to hit the pause button on many foreclosures while they scrambled to revamp their internal procedures and revise or resubmit questionable paperwork," said James J. Saccacio, chief executive officer at RealtyTrac.
Foreclosures have been less of a problem in the Houston real estate market, while they have depressed home values in many parts of the country. According to the report, nearly 3,000 properties in Harris County received a foreclosure filing during the month - accounting for roughly one in every 546 properties.
However, those foreclosures did provide inexpensive opportunities for those looking to buy a home, as the average foreclosure in Houston sold for just $112,412, far less than the average of more than $154,000 across the state.
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