Thursday, July 14, 2011

Foreclosure activity down due to delays

Foreclosure activity in Tennessee declined 25 percent in the first half of the year compared to the first six months of 2010, according to a midyear report released today by RealtyTrac. Nationwide, foreclosure activity declined by 25 percent from the previous six months and 29 percent from the first half of 2010. According to the report, though, the decline is not a sign of a rallying economy, but due to processing delays. RealtyTrac estimates that because of the delays potentially one million foreclosures that should have occurred in 2011 will now happen in 2012 or later.

Read the fully story at the Memphis Business Journal's website