Foreclosures Plummet in First Half of 2011
The first half of the year saw foreclosure filings falling dramatically as processing delays at banks strapped with an overabundance of repossessed homes continued to alter the numbers.
Filings for foreclosures went down 29% in comparison with the same period a year ago—down 25% from the last 6 months of 2010.
One in every 111 households received a foreclosure notice through June 30th of this year—approximately 1.2 million home owners within the United States.
Second quarter filings marked the lowers quarterly total since the end of 2007 as the meltdown in the mortgage industry was at its initial phases.
Some feel that the economic improvement within the foreclosure market can be traced to the processing delays brought on by the robo-signing scandal which discovered that bank employees were signing foreclosure documents without following all of the appropriate protocol. Some assume that there may be as many as 1 million foreclosure auctions which were delayed in 2011 due to the scandal that will be hitting the block in 2012 or later. As a result, the housing slump may be prolonged.