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AP: US foreclosure rate lowest since pre-recession
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NEW YORK (AP) — About 1.9 million homes entered the foreclosure process in 2011, the lowest lev
el since 2007 when the recession began, according to a report Thursday by the foreclosure listing firm RealtyTrac Inc.
The firm cautioned that the decline does not necessarily indicate that the housing market is getting better, as many foreclosures have been delayed due to confusion over documentation and legal issues involved in the process.
There have also been problems with the way some lenders were handling foreclosures. Specifically, signing off on home foreclosures without first verifying documents — a practice referred to as "robo-signing." Many of the largest U.S. banks reacted by temporarily ceasing all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors.
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