Not by a long shot! Although foreclosure activity has fallen all over the country it’s due to a glut of paperwork problems rather than any kind of improvement in the housing market.
Foreclosure activity has slowed due to scrutiny since last fall when banks had to do damage control over robo-signing scandals. Robo-signing involved allegations that employees were accused of signing legal documents without even a cursory review.
Home prices also continue to decline or at best remain stagnant. According to the S&P/Case-Shiller 20-city index the market is off by 4.5% across most of the country during May of 2011 compared to the same period last year.
**********************************
like buttons
Comments
I recently noticed some large servicers who are following the HAMP modification directive when they are "encouraged to not initiate foreclosure" during their HAMP review and I also think the HAFA Special Short Sale Program is contributing to this reduction.