Foreclosures Slowing for a Reason

Foreclosures are slowing for a reason.....not necessarily a good one. It appears they are simply bogged down. Broker's Insider reports:

"Foreclosure filings were reported on 261,333 U.S. properties in January, a 1 percent increase from the previous month but a 17 percent decrease from January 2010, according to RealtyTrac. One in every 497 housing units received a foreclosure filing during the month.

January marks three consecutive months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months when the total exceeded 300,000. However, RealtyTrac CEO James J. Saccacio says that's because lenders are bogged down in reviewing procedures, resubmitting paperwork, and formulating legal arguments, not because housing has recovered."

Inman News reports, "While fewer homes are entering the foreclosure pipeline, it's taking them longer to get through it. Among homes in the foreclosure process in January, the average number of days delinquent was 507, up from 410 days in January 2010 and 319 days in January 2009."

Kentucky had 1,210 foreclosures filed in January 2011, a 22% increase from December, and a 5% increase from a year ago.