Wednesday, August 31, 2011

US Foreclosure rate drops, Illinois foreclosures still in the top 10

US foreclosure filings dropped 35 percent last month, lowest in almost four years. But this does not mean that the real estate market has recovered. The foreclosure decline began when the attorney general started investigating a practice called " robo-signing, " in which bank's employees signed affidavits without any knowledge of the cases at hand. Therefore, bank put the foreclosures on hold, attempting to come up with new affidavits. However, as soon as these affidavits are available, it is possible that the foreclosure rates will go back up.

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