Industry NewsMortgage

Foreclosure filings hit 2-year low

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The number of homes subjected to some kind of foreclosure filing was down 8 percent during the final three months of 2010 compared to the same period a year ago, according to the latest numbers from data aggregator RealtyTrac.The drop was attributed to controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings.All told, 799,064 homes were hit with foreclosure-related filings, RealtyTrac said -- a 14 percent drop from the third quarter, and the lowest total in two years.The filings included 236,347 default notices, which initiate the foreclosure process; 332,876 auction notices; and 229,841 lender repossessions into real estate owned (REO) inventory.RealtyTrac CEO James Saccacio said as many as 250,000 foreclosure proceedings were put on hold in late 2010 -- proceedings that will likely be restarted and add to the numbers in early 2011.A Jan. 7 slip opinion by the Massachusetts Supreme Judicial Court...