Lenders are slowing down defaults to sell homes already foreclosed

09/20/2010 | Christian Science Monitor, The

Default notices dropped 30% in August compared with a year ago, as lenders are filing fewer notices so they can process and sell homes in foreclosure already on their books. As a result, banks take longer to foreclose, the number of foreclosed homes on the market will remain high for more than a year and banks are doing what they can to unload foreclosed properties without hurting the market.

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Christian Science Monitor, The

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