Citi Will Halt Some Foreclosures

Citi Will Halt Some Foreclosures

A total of 765,558 U.S. properties got a default notice, were warned of a pending auction or were foreclosed on in the third quarter, the most since records began in January 2005, according to Irvine, California-based RealtyTrac, which sells default data. ``Citi is focusing particularly on borrowers in areas that are likely to face extreme economic distress,'' the release said. Home prices in 20 U.S. metropolitan areas fell in July at the fastest pace on record, and sales of previously owned homes in August were 32 percent below the peak of September 2005. Citigroup plans to reach out to loan holders working with the bank, who live in their homes, and have ``sufficient income for affordable mortgage payments,'' the statement said. The bank will extend a moratorium on foreclosures to those who meet these criteria.