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Paperwork Backlog Forces Drop In Foreclose Rate

RENEE MONTAGNE, Host:

NPR's business news starts with a drop in foreclosures.

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MONTAGNE: Foreclosure filings declined in the first three months of this year. They are now at the lowest level in three years. The research firm RealtyTrac said about 680,000 homes received default or repossession notices. About 215,000 homes were actually repossessed. But according to RealtyTrac, the drop is due to a backlog of paperwork at the banks and not because of a recovery in the housing market. Transcript provided by NPR, Copyright NPR.