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August foreclosures fall.
Byline: MICHAEL BRAGA michael.braga@heraldtribune.com
Manatee filings dropped 12 percent while Sarasota saw a 9 percent decline. The counties remained up 62 percent and 27 percent from their August 2007 pace, respectively, numbers released Thursday by Irvine, Calif.-based RealtyTrac show.
"What we're seeing is foreclosures moving through the system like a snake swallowing a rat," said Tramm Hudson, a Sarasota banking consultant. "I don't know whether we've seen the worse, but I'm hopeful that foreclosure activity will continue to drop from this summer's peak."
But Jack McCabe, a Deerfield Beach-based real estate consultant, believes there is still more pain ahead. He expects the foreclosure situation both in this region and nationally to accelerate before it gets better.
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