Bank Delays May Push 1 Million U.S. Foreclosure Filings to 2012
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Lender delays in processing home-loan defaults will push as many as 1 million U.S. foreclosure filings from this year to 2012 or beyond, casting an “ominous shadow” on the housing market, according to RealtyTrac Inc.
The number of properties receiving a notice of default, auction or repossession plunged 29 percent in the first half of 2011 from the same period last year, the Irvine, California-based data seller said today in a report. About 1.17 million homes got a filing, or one out of every 111 households.