Right now, foreclosures are at their lowest level since June. Of course, they are still higher than they were at this time last year. But at least they are taking a break — for now. Real Estate Pro Articles reports on foreclosures:
Foreclosure homes were down seven percent from October, but 28 percent
higher the same month last year. Throughout the whole nation, more than
259,000 homes got no less than one notice linked to foreclosure in
November, added RealtyTrac.
higher the same month last year. Throughout the whole nation, more than
259,000 homes got no less than one notice linked to foreclosure in
November, added RealtyTrac.
However, these numbers, though encouraging at first glance, may not be a great as advertised. It is likely that the drop in foreclosures is coming as a result of a foreclosure moratorium that some mortgage lenders and loan servicers (notably Fannie Mae) instituted for the holiday season.
What happens in the New Year when the foreclosure moratorium is lifted and the respite is over?
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