Foreclosure Activity Continues to Decline
Foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 212,764 U.S. properties in July, a 4 percent decline from June and 35 percent from a year ago, according to the latest data from RealtyTrac, an online marketer of foreclosures. One in every 611 U.S. homes had a foreclosure filing during July, marking the 10th straight month of annual decreases in foreclosure activity and the lowest monthly total since November 2007.
“This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own,” says James J. Saccacio, RealtyTrac’s CEO. “It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure preventions efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure,” he says.
Default notices fell 7 percent during the month from June and decreased 39 percent from July 2010. Foreclosure auctions fell 5 percent from June and declined 37 percent from a year ago. While bank-owned properties slipped 1 percent from the previous month, they were 27 percent below July 2010.
For the 55th straight month, Nevada posted the nation’s highest foreclosure rate, with one in every 115 homes receiving a foreclosure filing during the month. California had the nation’s second highest foreclosure rate, with one in every 239 homes receiving a foreclosure filing, followed by Arizona, with one in every 273 housing units receiving a foreclosure filing. Thu, Aug 11, 2011