Foreclosure Filings Drop Nationwide

NationalMortgageNews reports RealtyTrac says foreclosure filings fell to their lowest level since July 2007, dropping five percent from March 2012 and 14% from a year ago. The 188,780 notices of default also include scheduled auctions and bank repossessions. Following three months of increases, foreclosure filings were down four percent April over March, and two percent lower than the same time last year. The foreclosure process dropped 26% from April 2011, marking the 18th month of decline in REO (real estate owned) activity. States where foreclosures dropped the most include Nevada (71%), Arizona (70%), Washington (67%), California (53%), Virginia (47%), and Maryland (47%). However, has learned eleven of the largest 20 metropolitan markets witnessed increases in foreclosures, led by Tampa (59%) and Miami (38%). Nevada led the nation in highest foreclosures, with one in every 300 homes having filed. Brandon Moore, CEO of RealtyTrac, says, “More distressed loans are being diverted into short sales rather than becoming completed foreclosures.”

(Image credit: CondoMetropolis)

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