Foreclosure Rate Continues to Decline
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Foreclosure Rate Continues to Decline
Foreclosure activity has fallen to its lowest level in over three-and-a-half years, according to RealtyTrac.
The number of foreclosure filings in July was 35% down on the same month last year. 212,764 properties received either a default notice, auction notice or was repossessed by the lender.
This means that for 10 months in a row foreclosure filings have been coming down. Still, this is one out of every 611 housing units- just in that one month.
“It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts – including loan modifications, lender-borrower mediations, and mortgage payment assistance for the unemployed – may be allowing more distressed homeowners to stave off foreclosure,” Saccacio said.
“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued.
The break down was as follows:
- Default notices (NOD, LIS) were filed for the first time on a total of 59,516 U.S. properties in July.
- Foreclosure auctions (NTS, NFS) were scheduled for 85,419 homes last month.
- Lenders repossessed a total of 67,829 properties (REO) in July.
RealtyTrac reported that it’s seeing a spike in foreclosure activity in some especially hard-hit cities.
In Florida, for example, the Naples-Marco Island metro area posted an 83 percent increase in filings from June to July, and the Ocala metro’s foreclosure activity jumped 60 percent.
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