Foreclosures Drop 9% Over Fudged Paperwork Fallout

For the first time in a long while, foreclosures actually dropped in October, falling 9%. The big drop came about as several big banks halted foreclosures across the board after news about the robo signers began to emerge. Foreclosures are expected to pick back up again November, albeit at a softened pace. It may be 3-4 months before the rate fully resumes. So take a gasp, homeowners behind on your mortgage, you just caught a temporary break.

US homes lost to foreclosure drops 9 pct in Oct. [Florida Times Union]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.