Foreclosure filings catapulted 66.4 percent in Cook County in August from a year earlier, according to RealtyTrac's latest report, but the spike is linked to a 2009 law that delayed foreclosure filings last year.
clogged foreclosure pipeline is being carefully managed on both ends by lenders and servicers," said James Saccacio, chief executive officer of RealtyTrac. "On the front end, seriously delinquent loans are rolling into foreclosure at an unusually slow rate, while on the back end, the dammed-up inventory of properties already in foreclosure is moving to [bank repossessions in a] steady stream rather than a flood, presumably to prevent further erosion of home prices."
Foreclosures surge in Cook County :: The Courier News :: Business
No comments:
Post a Comment