Foreclosures Remain a Threat to Stabilizing Prices

NationalMortgageNews reports RealtyTrac says foreclosure activity dropped eight percent in Q2 2012 from a year ago. 608,235 foreclosure filings—default notice, auction sale notice, or bank repossession—were reported on U.S. properties Q2 2011, as compared to 558,310 for this year’s filing. MHProNews.com has learned while banks repossessed 40,000 fewer properties in Q2 2012 than in Q2 2011, foreclosure starts rose annually for the first time since the fourth quarter of 2009. However, the foreclosure process increased nine percent in the second quarter of 2012 over the first quarter. Brandon Moore, CEO of RealtyTrac, said, “Additional scrutiny on how lenders and servicers process foreclosures, along with aggressive foreclosure prevention efforts by the federal government and several state governments, continue to keep a lid on the foreclosure problem at a national level.”

(Image credit: CondoMetropolis)

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