Word from RealtyTrac is that foreclosures have slowed down. Word on the street is that the next wave is about to hit. A banker friend of mine said the robosigning is being quickly cleaned up so that foreclosures are gearing up again to full court press and could possibly be even worse than the first round.
However according to Stop Foreclosure Daily Blog, RealtyTrac says they are slowing,
There were some small glimmers of hope in RealtyTrac’s report. One promising sign was the steep plunge in initial notices of default, which fell 39% year-over-year to fewer than 60,000. The decline may indicate that fewer borrowers are falling behind on payments. Or, it could mean lenders are not filing those notices as promptly as they have in the past, according to Rick Sharga, a spokesman for RealtyTrac.
Let’s hope this is good news at last.
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