Foreclosure related filings fell by almost 30% in the first-half to 1.17 million actions, but it appears much of the drop is attributable to processing and procedural delays, according to new figures compiled by RealtyTrac.

The analytics firm estimates that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. “This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number,” said RealtyTrac CEO James Saccacio.

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