Foreclosure Filings Down, but May Be Temporary

Reuters reports that RealtyTrac says foreclosure filings in the first quarter fell to their lowest level since the first quarter of 2208, down 26.9 percent.  Filings rose in March over February 6.5 percent, but were down from March 2010 34.7 percent.  Lenders seized 6 percent fewer homes than in the previous quarter.  Nationally, one in every 191 homes received a foreclosure filing.  In Nevada, with the highest rate of filing, one in every 35 homes received a notice.  California alone was responsible for almost a quarter of all foreclosure actions.  However, investigations into some foreclosure proceedings have caused a bottleneck that may result in another large rash of filings.

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