Multitude of Foreclosures Still in Pipeline?

OriginationNews says according to RealtyTrac, foreclosure filings rose seven percent in October, but have declined by 31 percent from a year ago. However, the report indicates a backlog of foreclosures that have not been filed, that some megabanks are waiting for the pending robo-signing settlement. One attorney says he has a client 32 months late with his bank, and numerous clients in foreclosure who do not have a foreclosure listing or sale date. Meanwhile, as for real estate owned (REO) by a lending institution, Fannie Mae is selling more properties each quarter than it is receiving.

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