US: Foreclosure Slowdown May Extend Time Before Recovery

The numbers of properties in some stage of the foreclosure process has dropped 35% year over year, according to RealtyTrac.

But the firm that specializes in the market for foreclosed real estate said this merely represents a further slowdown in processing the numbers of properties owned by people who cannot afford them.

“July foreclosure activity dropped 35% from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said RealtyTrac CEO James J. Saccacio.

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