BluegrassForeclosure.com

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Foreclosures filings down, for now . . .

Cincinnati.com: New foreclosures have slowed dramatically in Greater Cincinnati and Northern Kentucky, dropping 27.7 percent to 5,840 cases in the first six months of this year.

Records also show that Ohio and Kentucky each had its lowest new caseload in at least five years, according to the Ohio Supreme Court and the Kentucky Administrative Office of the Courts.

Ohio saw 34,330 foreclosures through June 30, down 25.3 percent from the same period a year ago. Kentucky saw a 40.4 percent drop to 6,277 new foreclosures.

But experts say the foreclosure crisis is far from over. Foreclosures are expected to escalate in coming months as major banks and loan servicers increase foreclosures after tightening their procedures following the robo-signing scandal that emerged late last year.

“It’s an artificial drop – a statistical anomaly,” said Michael Van Buskirk, president of the Ohio Bankers League. He said major financial institutions under scrutiny from federal regulators and state attorneys general slowed down their foreclosures to improve their procedures.

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