Foreclosures Slow but Housing Market Still Hurting
Home foreclosures slowed in the fourth quarter, but that is likely to be a brief reprieve once banks move more aggressively back into this area following a review of their mortgage servicing practices, according to a report released by U.S. banking regulators Thursday.
New and completed foreclosures are expected to increase in the coming quarters with this pause has ended, according to the report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. The OCC regulates national banks and the OTS regulates the national thrift industry.
In the fourth quarter, completed foreclosures dropped by almost 50 percent to 95,067, while newly initiated foreclosures fell by almost 8 percent to 352,318.
Foreclosures in the pipeline actually increased because the number of newly initiated foreclosures was larger than those completed in the fourth quarter.
The inventory of foreclosures being processed jumped more than 7 percent to 1.3 million in the fourth quarter.
Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg, and the Tampa Bay area.
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