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Monthly Foreclosure Starts Drop

by Chicago Agent

According to February month-end data from Lender Processing Services (LPS), the amount of foreclosure starts last month was at its lowest level since November of 2008.

In February, daily foreclosure starts were at roughly 10,600 units, compared to 11,200 in January, a decrease of about 5 percent. The amount of total foreclosures in February was around 200,000, a 10 percent decrease from January the nearly 220,000 in January.

The data also showed that banks’ modification efforts have begun to pay off, as 22 percent of loans that were 90+ days delinquent 12 months ago are now current.

The LPS reports a national drop of 46 percent in foreclosure sales compared to September 2010.

To view all data from the LPS February 2011 visit: http://www.lpsvcs.com/

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