Homeowners Assistance Center

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.

GD Star Rating

Article source: Broker Universe REO

No Comments Yet

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Optionally add an image (JPEG only)

Lender News




Shopping Cart

There are no items in your cart.

Our Products

  • Loan Modification Kit

    The loan modification software guides the you the homeowner to the necessary calculations and forms that the banks are looking for, they are done for you instantly. You simply enter your information and the software does the rest. The software also integrates the new Obama home rescue program designed to give you homeowners a better More Info »
    by Less Than Owed
  • Lender Forms

    An assorted collection of lender forms.
    by Less Than Owed
  • Free Short Sale e-Book

    WARNING: Do not list your home for Short Sale until you have read this totally FREE report.
    by Less Than Owed
  • Credit Repair Guide

    There are many misconceptions about credit scores out there. There are customers who believe that they don’t have a credit score and many customers who think that their credit scores just don’t really matter. These sorts of misconceptions can hurt your chances at some jobs, at good interest rates, and even your chances of getting More Info »
    by Less Than Owed

Mortgage Calculator


Affordability Calculator

Monthly Gross Income $
Monthly Debt Expenses [?] $
Down Payment: $
Interest Rate: %

Closing Cost Estimator

Loan Information
Loan Amount $
View/Edit Closing Cost Details
Read previous post:
Short-selling bans failed to prevent US stocks declines: NY Fed

NEW YORK | Fri Aug 10, 2012 9:50pm IST NEW YORK Aug 10 (Reuters) - Bans on short-selling imposed during...