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Foreclosure Filings Drop Thanks to New Paperwork

It's been a few months since we checked in on how the foreclosure mess is playing out in New York City, and in that time, there have been some changes. In particular, today's Journal points out, an October ruling that required the state's foreclosure lawyers to sign extra paperwork swearing to the truth of bank statements. Since it's taking the lawyers a while to affix their signatures to their rapidly growing mountains of papers, the number of foreclosure filings has slowed, according to PropertyShark's January numbers. Compared to January 2010, there were 59 percent fewer foreclosure auctions scheduled, and each individual borough also showed drops. The dreaded lis pendens, or pre-foreclosure filings, also dropped year-over-year, by 36 percent.

· PropertyShark [PropertyShark.com]
· Paperwork Rule Slows Foreclosure Auctions [WSJ]
· Foreclosure coverage [Curbed]