A 34% decline in foreclosure filings sounds like good news, but according to Brandon Moore, the CEO of REalty-Trac, this is largely because of the foreclosure freeze brought about by robo-signing.
Foreclosures in 2011 are reported to have taken 348 days to complete compared with 305 days in 2010. This doesn’t speak well of robo-signing, as that data would reflect a mere 43 day (13%) savings in time for doing something illegal.
Bankruptcies have also seen a reduction in the last year by about 12%. However consumer spending was still on the decline in 2011.