Report: Foreclosure rates lowest since 2007/2008
May 12th, 2011 5:28am
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According to a recent RealtyTrac report, April's foreclosure rates are the lowest they've been in 40 months, dating back to late 2007 and early 2008.In all, the total number of default notices, scheduled auctions and bank repossessions during April was 219,258. This figure is down 9 percent month-over-month and represents a 34 percent year-over-year decrease.
"Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low," said James Saccacio, chief executive officer of RealtyTrac. "This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure."
Completed foreclosures nationwide averaged 400 days during the first quarter of 2011, spanning from the initial default up until the properties become real-estate owned. The 400-day average is up year-over-year from 2010, when the process took 340 days.
Foreclosed Dallas, San Antonio and Houston properties contributed to making Texas one of the top ten in terms of activity, with just under 8,800 instances. California's total was the highest with 55,869. In fact, 10 states accounted for 70 percent of all U.S. foreclosure activity during the month.
Courtesy of 2M Realty News
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