RealtyTrac: Chase and GMAC Could Prolong Housing Recovery

Halting the foreclosure process on tens of thousands of homes nationwide will likely skew RealtyTrac’s closely watched foreclosure data in coming months and prolong the housing market’s recovery, says Rick Sharga, a RealtyTrac senior vice president.

Chase and GMAC Mortgage Co. both suspended foreclosure sales in some states to review paperwork and the document-signing process. That means October and November’s reports will likely show an artificially low number of foreclosure starts. Some might interpret the falling numbers as improvement.  But “don’t get too excited about the market getting better,” Mr. Sharga warns.

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