Foreclosure Filings Decrease in February

Foreclosure filings decreased in February by 14% from January and 27% in a year-over-year comparison.  Chief executive officer of RealtyTrac, James J. Saccacio, attributes this decrease to the continued “allegations of improper foreclosure processing” and the “major [industry] overhaul that has severely restricted its capacity to process foreclosures.” 

Nonetheless, there may be a silver-lining found within the recent foreclosure data.  As MND News Wire points out, “The problems associated with foreclosure documentation do not directly impact every step of the process”.  On a national average, filed default notices in February saw a 16% decline from January and a 41% improvement from February 2010.  With Nevada and Arizona still topping the nation in foreclosure ratios, Idaho ranked in the top five at 1 foreclosure per 298 housing units.

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