Posted on Monday, April 25, 2011
RealtyTrac's March housing study reports a 15% decrease in foreclosure activity
> between the fourth quarter of 2010 and the first quarter of 2011, as well as a 27%
> decline compared to the same period a year ago. But before you break out the champagne,
> the decline is being attributed to extended processing timelines, not an improving
> market. Per the CEO, "Weak demand, declining home prices and the lack of credit
> availability are weighing heavily on the market, which is still facing the dual
> threat of a looming shadow inventory of distressed properties and the probability
> that foreclosure activity will begin to increase again as lenders and servicers
> gradually work their way through the backlog of thousands of foreclosures that have
> been delayed due to improperly processed paperwork."
> Their report noted that judicial foreclosure states, such as Florida and Massachusetts,
> "accounted for some of the biggest quarterly and annual decreases in the first quarter."
> For the month of March, foreclosure filings were up 7% from February and were reported
> on 239,795 U.S. properties. Nevada has the highest rate of foreclosure filings with
> a total 32,000 properties, or one in every 35, receiving one, and Las Vegas posted
> the highest number of filings on the metropolitan level, at 26,275, or one in every
> 31 homes. Nevada was followed closely by Arizona and California at the top of the
> foreclosure activity lists. California foreclosures currently account for 25% of
> the entire market.