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Thursday, August 11, 2011

Foreclosure Filings in U.S. Plunge 35% to Four-Year Low, RealtyTrac Says

Foreclosure Filings in U.S. Plunge 35% to Four-Year Low, RealtyTrac Says

"U.S. foreclosure filings dropped 35 percent last month to the lowest level in almost four years as lenders and state and federal agencies increased efforts to keep delinquent borrowers in their homes, RealtyTrac Inc. said.
A total of 212,764 properties received default, auction or repossession notices, the fewest in 44 months, the Irvine, California-based data seller said today. Filings fell on a year-over-year basis for the 10th straight month, and were down 4 percent from June. One in 611 households got a notice.
“The downward trend in foreclosure activity has now taken on a life of its own,” RealtyTrac Chief Executive Officer James J. Saccacio said in a statement. “Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond.”

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