Industry NewsMarkets & Economy

Foreclosure filings at 3-year low

Robo-signing impacts seen as factor in 27% annual decline
Published on Mar 10, 2011

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by CareyBot

Foreclosure-related filings against U.S. homes fell 14 percent from January to February and were down 27 percent from a year ago -- the biggest year-over-year drop recorded by data aggregator RealtyTrac since it began issuing reports in 2005.

RealtyTrac said 225,101 homes were subjected to a default notice, auction notice or bank repossession in February -- a three-year low that the company attributed to continued fallout from the robo-signing controversy.

RealtyTrac CEO James Saccacio noted that February is a short month, and that a small part of the decrease could also be attributed to bad weather.

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