Industry NewsMarkets & Economy

REOs fall amid ‘robo-signing’ stall

RealtyTrac: Overall foreclosure activity flat from October 2009
Published on Nov 10, 2010

After hitting a record high in September, bank repossessions fell 9 percent in October -- likely the result of foreclosure freezes by some major lenders, according to a report by foreclosure data site RealtyTrac. Total foreclosure activity in October -- default notices, scheduled auctions, and bank repossessions -- fell 4.4 percent from September, though remained essentially flat from October 2009. A total of 332,172 properties received a foreclosure filing last month -- one in every 389 housing units. "October marks the 20th consecutive month where over 300,000 U.S. homeowners received a foreclosure notice," said James J. Saccacio, RealtyTrac's CEO, in a statement."The numbers probably would have been higher except for the fallout from the recent 'robo-signing' controversy -- which is the most likely reason for the 9 percent monthly drop in REOs (bank-owned homes) we saw from September to October and which may result in further decreases in November." B...

Comments