The latest foreclosure data from RealtyTrac shows a slight slowdown, with month-over-month foreclosures increasing 1%. Things are better than last January, however, as we’ve seen a year-over-year decline in foreclosures of 17%.
Now, while this may seem like positive news, it’s actually just a sign that lenders have way too much on their hands already.
Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.
So, not so good. What’s worse? The big three foreclosure titans continue to look depressing.
- California – 1 in every 200 housing properties received a foreclosure filing in January
- Arizona – 1 in every 175 housing properties received a foreclosure filing in January
- Nevada – 1 in every 93 housing properties received a foreclosure filing in January