Real estate foreclosures drop 34%

Foreclosure activity in the U.S. has fallen to its lowest level in 40 months, according to RealtyTrac.

The company’s foreclosure market report for April shows that filings – including default notices, scheduled auctions, and bank repossessions — were reported on 219,258 properties last month.

That figure represents a 9 percent decline compared to March and is down 34 percent from a year earlier.

It marks the seventh straight month that RealtyTrac has recorded a decline in foreclosures, but the company says it doesn’t necessarily mean we’ve turned the corner.

“This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery,” said James Saccacio, RealtyTrac’s CEO.

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales, and possibly other disposition alternatives,” Saccacio explained.

He says data from the Mortgage Bankers Association shows that about 3.7 million properties are in this limbo stage of between serious delinquency and foreclosure.

Read more: Foreclosure Activity at 40-Month Low: RealtyTrac

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty

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