Industry NewsMarkets & Economy

Foreclosure activity hits lowest level since Q4 2007 (CHARTS)

RealtyTrac warns distressed-property 'dam ... will eventually burst'
Published on Apr 12, 2012

Foreclosure filings hit their lowest level in more than four years in the first quarter, according to a report from foreclosure data aggregator RealtyTrac. Default notices, scheduled auctions, and bank repossessions were filed on 572,928 properties in the first quarter, or one in every 230 U.S. housing units -- the lowest number of filings since fourth-quarter 2007, when 527,740 properties received filings. Last quarter's foreclosure activity was down 2 percent from the fourth quarter and 16 percent from first-quarter 2011. March accounted for nearly 38 percent of the quarter's foreclosure activity, with 198,853 properties receiving filings. That was the lowest monthly total and the first under 200,000 since July 2007, the report said. On an annual basis, foreclosure activity fell 17 percent in March. "The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculo...

Comments