Thursday, July 28, 2011

Foreclosure crisis persists with little relief in sight

The pace of foreclosures ebbed following the eruption of the "robo-signing" scandal, in which loan servicers approved foreclosures without looking at the underlying documents. Banks halted foreclosures over the last several months temporarily to overhaul their protocols.

But foreclosures are expected to pick up in the months ahead. An estimated 1 million foreclosure actions that should have taken place this year will now happen in 2012, according to Daren Blomquist, director of marketing and communications with Irvine, Calif.-based RealtyTrac.

"That's not because 1 million people have avoided foreclosure over the long term, it's because the process has slowed," he said, noting that the time it takes to complete a foreclosure has doubled in the last four years from 154 to 318 days.

Bottom line: The foreclosure crisis is far from over.
As Teal'c would say, "Indeed, O'Neill."

1 comment:

Subprime is my name, foreclosure is my game said...

Where have all the houses gone?
Gone to foreclosure every one.
When will they ever learn.
When will they ever learn.