Six months after the nation’s largest banks discovered errors in their foreclosure practices, the home-repossession process continues to lag.
The number of South Florida foreclosure filings in March dropped 68.6 percent compared to the same month last year, according to data released Wednesday by foreclosure research firm RealtyTrac.
In Miami-Dade County, there were 2,749 foreclosures in March, down 70.2 percent from March 2010, when there were 9,224 filings. In Broward County, there were 2,199 foreclosures in March, down 65.3 percent from 6,341 in March 2010. Rather than a sign of an improving market, the drop in foreclosures stems from banks’ decisions to temporarily slow or stop taking back homes, as they face accusations of “robo-signing” and forging documents.
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Yesterday Inman News posted an article, Real estates unfranchise: LeadingRE, an “Executive Profile” with Leading Real Estate Companies of the World (LeadingRE) President and CEO Pam O’Connor. (Unfortunately, the article is now behind Inman’s pay wall. Don’t get me started on that practice…).