U.S. foreclosure filings down 15% from a year ago

September 18, 2012 by · Leave a Comment
Filed under: REO News 

From the trend line it looks like we may have bottomed at this point.   Bank REOs and foreclosure has stabilized a bit in the U.S.  Some of the hardest hit markets like Nevada has seen the largest decreases overall.  You still need to keep in mind we have zero percent interest rates and QE3 in effect that is giving additional support.

I would keep eyes on the labor number most importantly.  When people get back to work and feel confident their job is of a more permanent basis, they will want too look for value in the real estate market compared to renting.  Regardless this is good news and hopefully we have a positive trending continuing so we can clear the market.   New housing starts is another important statistics.

Examiner – Some of the biggest state REO decreases were in Nevada (76 percent), Oregon (57 percent), Virginia (56 percent), Washington (46 percent), Utah (46 percent), Massachusetts (43 percent), Pennsylvania (43 percent), and Colorado (43 percent).

States with some of the biggest annual increases in REO activity included Kentucky (44 percent), Illinois (41 percent), Wisconsin (32 percent) and Maryland (23 percent).

Recently, many lenders have been trying to avoid the expensive and lengthy foreclosure process by making short sales, those in which banks accept prices less than what is owed on the mortgages.

RealtyTrac has released its U.S. Foreclosure Market Report for August 2012, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 193,508 U.S. properties in August, an increase of one percent from July but down 15 percent from August 2011. The report also shows one in every 681 U.S. housing units with a foreclosure filing during the month.

Despite a 32 percent year-over-year decrease in overall foreclosure activity in August—the ninth consecutive month with an annual decrease—California still posted the nation’s third highest state foreclosure rate. One in every 340 California housing units had a foreclosure filing in August—twice the national average.

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