>Monday, July 11th, 2011, 10:10 am
Mortgage servicers completed 68,000 foreclosure sales on the courthouse steps in May, down 7% from the previous month and the second straight month of declines, according to the Hope Now alliance of insurers, counselors and lenders.
Foreclosure sales dropped 14% in April. However, servicers started 176,000 foreclosures in May, up 8% from the previous month. Roughly 2.67 million mortgages remained in 60-day delinquency, up 1% from the previous month.
Modifications remained flat at roughly 85,000 through private initiatives and the Home Affordable Modification Program.
Private modifications dipped to 53,000 in May, a 7% decrease. In April, the drop on private workouts was 26%, allowing HAMP to take a larger share of completed modifications. Servicers completed 32,398 permanent HAMP modifications in May, up 12%
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