According to RealtyTrac the number of foreclosures notices filled in the month of February has dropped by 14%. This drop rate has become almost 27 % as compared to last year.
The company stated that this is the biggest drop recorded ever by the company. The RealtyTrac CEO James Saccacio stated that there has been some decline over the robo-signing issues which created several fallouts.
"Allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets. The industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures", he said.
Another factor which created such situation was the harsh weather conditions in winter this year. This has delayed many of the paperwork causing some severe faults in auctions and sales.
The statistics indicated that there were more than 225,000 fillings during this month.
The RealtyTrack spokesperson Rick Sharga said that some of their services have slowed down the foreclosures. They are waiting to see what happens in the future.
Nevada, Arizona, California are in the list which states that there were the hardest hit states. Utah is the new number four state followed by Idaho, Georgia and Michigan.