That's a great question,,,,,,,,,,,,,,Why?? hmmmmmmmmmmmm
The number of homes entering the foreclosure process rose in March, up 8.1 percent, according to a new report from lender Processing Services, but the volume is down more than 30 percent from a year ago.
Analysts had expected this number to skyrocket immediately following the $25 billion settlement between banks and state governments over fraudulent mortgage servicing.
Foreclosures sales, which are the final stage of the foreclosure process, not sales of bank-owned homes, dropped precipitously in March to their lowest point in over two years. They dropped most sharply - 14 percent month-to-month - in states where a judge is not required in the foreclosure process (so-called non-judicial states).
Again, that is contrary to expectations, but could be yet another stall in the system, as banks try to modify more loans to meet some of the terms of the servicing settlement. The foreclosure sales decline also appears to be exclusively in private and portfolio loans, which again points to the settlement.
That low pace of foreclosure sales is keeping foreclosure inventory, or loans in the foreclosure process, at near historic highs, according to LPS. That number may be heading lower, however, as banks ramp up the short sale process. Short sales, when the bank allows the home to be sold for less than the value of the mortgage, are in fact now outpacing sales of bank-owned homes in
http://finance.yahoo.com/news/flood-foreclosures-still-fails-materialize-133658271.html?l=1
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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