Foreclosure sales drop to lowest level since 2007

Loan modifications remain steady

February’s foreclosure sales and starts dropped significantly from January’s totals to a level not seen since 2007. There were only 36,000 foreclosure sales in February, down 24% from 48,000 in January.

In addition, there were approximately 69,000 foreclosure starts in February, down from 75,000 in January, according to data released by HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors. Those figures marked the lowest since the initiative began recording data in 2007.

Delinquencies of 60 days or more were under 2 million forthe second straight month. That marks a decrease of over 2 million since December 2009.

February’s loan modifications were down slightly from January, dropping from 44,000 to 42,0000. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program.

That figure was made up of 12,455 HAMP modifications and approximately 30,000 proprietary loan modifications.

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