Thursday, January 12, 2012

Foreclosures drop in 2011 may be due to back log

The number of homes facing foreclosure in 2011 dropped to the lowest level since 2007.

According to "Realty Trac" 1.9-million homes faced foreclosure last year. That's down 34-percent. But the reason for the drop wasn't more people paying their mortgages, it was procedural delays in the process that kept banks from taking back homes.

A real estate expert says more foreclosures are expected this year as banks clear out the back log.

Read the rest of the article at ABC 30

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