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  • Foreclosure Activity In 1st Quarter Of 2013 Hits 6 Year Low 0 comments
    Apr 12, 2013 7:27 AM

    Foreclosure activity during the first quarter of 2013 was at the lowest level since the 2nd quarter of 2007, according to the latest report from RealtyTrac. During the first quarter of 2013, foreclosure filings were reported on 442,117 U.S. properties, down 12 percent from the previous quarter and down 23 percent from the first quarter of 2012.

    During the month of March 2013, there were foreclosure filings (default notices, scheduled auctions and bank repossessions) on 152,500 properties in the U.S., down 1 percent from the month before and a decline of 23 percent from March 2012, according to the report.

    Highlights from the RealtyTrac Foreclosure Report for March and the 1st Quarter of 2013;

    • U.S. foreclosure starts increased 2 percent from February to March, the second straight monthly increase following three consecutive monthly decreases. There were a total of 73,113 foreclosure starts nationwide in March, still down 28 percent from a year ago.
    • Foreclosure starts in March increased from the previous month in 23 states and were up annually in 12 states, led by New York (200 percent increase), Maryland (193 percent increase), Washington (154 percent increase), Arkansas (101 percent increase), and Nevada (88 percent increase).
    • Lenders repossessed 43,597 properties nationwide in March, the lowest since September 2007. U.S. bank repossessions (REOs) in March decreased 3 percent from February and were down 21 percent from a year ago.
    • A total of 34 states reported annual decreases in REO activity in March, including Oregon (down 72 percent), Utah (down 71 percent), Massachusetts (down 61 percent), Michigan (down 56 percent), and Nevada (down 55 percent).
    • States bucking the national downward trend in REOs included Arkansas (up 121 percent annually in March), Maryland (up 114 percent), Washington (up 88 percent), Pennsylvania (up 41 percent), and Ohio (up 39 percent).
    • Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous quarter and a record high since RealtyTrac began tracking this metric in the first quarter of 2007.
    • The average time to foreclose in the first quarter increased from the previous quarter in 39 states, led by Oregon (up 61 percent), Arkansas (up 42 percent), Texas (up 40 percent), Tennessee (up 37 percent), and Michigan (up 22 percent) - all non-judicial foreclosure states... Read more
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