US foreclosure activity rose in August from the previous month, and banks and lenders took ownership from homeowners at a record pace, according to a new report released Thursday.
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“There is a buildup in delinquent loans that are not in foreclosure,” said Rick Sharga, senior vice president of RealtyTrac, adding that banks and lenders are slowing the process to avoid a drop in home prices. “It’s a managed slowdown more than anything else,” he said.
“The underlining conditions haven’t improved,” Sharga added, referring to high unemployment and falling home prices in certain markets.
Thursday, September 16, 2010
The Forgotten Foreclosure Crisis
No worries, the Treasury's predatory lending program, AKA HAMP, slowed things down a bit.