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Foreclosure Filings Plummet 10% in July From Last Year

Through the end of July, foreclosure activity continued to decrease on an annual basis by dropping 10% from a year ago.

According to RealtyTrac’s latest foreclosure market report, foreclosure filings were reported on 191,925 properties nationwide. This marks the 22nd consecutive month in which foreclosures were down year-over year. Activity also fell 3% from the previous month.  

One in every 686 housing units either had a default notice, scheduled auction or bank repossession on their property in July.

The Irvine, Calif.-based analytic firm cited a 21% annual decrease in bank repossessions as a primary reason for the overall decline in foreclosure activity.  

Lenders completed the foreclosure process on 53,654 properties last month, which was also down 1% from June.

RealtyTrac revealed that 38 states and Washington, DC all posted yearly reduction in REO activity. However, several judicial states saw more REO activity in July compared to last year, including Florida (up 38%), Ohio (25%), Illinois (22%) and New Jersey (21%).

Meanwhile, after 27 straight months in which foreclosure starts decreased from the prior year, July represented the third consecutive month that more homeowners started the foreclosure process. RealtyTrac said 98,174 borrowers began the foreclosure process, a 6% year-over-year rise.  

Foreclosure starts were up on a year-over-year basis in 27 states—16 judicial and 11 nonjudical, led by Connecticut at 201%, New Jersey at 164%, Pennsylvania at 139%, Indiana was 83% and Massachusetts at 65%, all which are judicial states.

“Recent foreclosure activity patterns vary significantly from state to state, often hinging on the level of dysfunction that exists in each state’s foreclosure process,” said Daren Blomquist, vice president of RealtyTrac. “Recent legislation and court rulings could lengthen the foreclosure process in some of the states with the shorter timelines, however, resulting in a temporary foreclosure lull and subsequent rebound in those states as well.”

California posted the nation’s highest foreclosure rate last month, in which one in every 325 housing units had a foreclosure filing. This is more than twice the national average, RealtyTrac said.
Arizona had the second highest foreclosure rate in July, with in every 346 housing units filing for foreclosure.  The top three was rounded out by Florida, up from sixth in June, where the foreclosure rate was one in every 352 homes.

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Article source: Broker Universe REO

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