Foreclosure Starts Continue To Fall in February

New York, NY, April 4, 2012 -- The number of homes just entering the foreclosure process fell in February from January and are down about 15% from a year ago, according to Lender Processing Services.

That's the 11th consecutive month in which the level of foreclosure starts has fallen compared to the same month in the previous year.

Experts have been warning that a new wave of foreclosures is about to begin as a results of homes that were caught in the robo-signing scandal and hadn't hit the market. So far, that hasn't been the case.

Banks started foreclosing 172,500 loans in February, the third lowest level of the past four years.

New foreclosures surged by 28% in January from December, but much of that increase was driven by an increase in repeat foreclosures.

LPS said that mortgage delinquencies fell to 7.6% in February, the lowest level since August 2008.