Foreclosures take the biggest dive in years last November. Filings saw their biggest drop in at least 5 years after revelations concerning thousands of documents may have been improperly prepared.
November dropped 21 percent from October and 14 percent from November in 2009, Realty Trac reports.
Part of the decline was seasonal, Thanksgiving. Some stemmed from delays that the lenders and mortgage services imposed after reports surfaced in September that their employees or contractors signed and in some cases back dated documents claiming knowledge of facts about the mortgages that they did not know. all of this is presently under investigation.
“Novembers lull will be followed by a bulge of cases later”, says Lawrence Yum, Chief economist with the National Association of Realtors, in the second quarter.
HUM….. What appeared to be good news ending in 2010 might just be delayed bad news in 2011, eh?