[Milton Miteybad]

Forgive me if I am wondering if we’re only seeing a very small part of the story here. I can’t imagine that there’s not a compelling reason why a money-grubbing bank would not follow through on a foreclosure unless by doing so they’re somehow making MORE money.

They probably didn't want any more REOs on their books, along with the costs associated with them. Especially in the case of lower-value residential properties, most banks figure they'll forbear and see if the mortgagee (borrower) can bring the loan current, especially if the lender is spending hundreds of thousands monthly on legal costs to foreclose on higher value properties that had also fallen into arrears at the same time. (Six years ago there was a lot of foreclosin' going on out there...)

[MeganC]

Six years ago there was a lot of foreclosin' going on out there.

That's kind of ironic because about six years ago my family was bidding on a lovely property in Wyoming that had been foreclosed upon. The previous owners had spent lavishly on the place and we ended up buying it for about 20% of what they'd spent on it. There's no way we'd have been able to afford this place in a normal circumstance.

[Jim from C-Town]

There is still allot of foreclosures going on out there. Almost 100% more than the historical norms.