Truthout – The Mortgage Slick Could Be Stopped

Housing foreclosure is ebbing and flowing across the US like the oil cloud in the Gulf of Mexico, shifting and poisoning as it goes about silently attacking us and our communities.

The latest bulletin on the progress of the mortgage slick came in a May 13, 2010, Reuters report quoting RealtyTrac.com, saying that while mortgage lenders initiated fewer foreclosures in April than March 2010, they took control of 92,432 properties during April, an increase in home seizures of 1 percent from March and 45 percent from April 2009.

“What we’re really seeing is the effect of lenders slowing down the initial notices of default while they are processing what’s already in the pipeline,” said RealtyTrac’s Senior Vice President Rick Sharga.

To read the entire article, click here.

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