Industry NewsMarkets & Economy

Robo-signing backlog hitting judicial foreclosure states

RealtyTrac: Florida once again has nation's highest foreclosure rate

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Foreclosure activity nationwide hit a nearly five-year low in the third quarter, though a stark difference remains between judicial and non-judicial foreclosure states, according to a report from foreclosure data aggregator RealtyTrac. Default notices, scheduled auctions, and bank repossessions were filed on 531,576 properties in the third quarter, or one in every 248 U.S. housing units -- the lowest number of filings since fourth-quarter 2007, when 527,740 properties received filings. Filings fell 13 percent from third-quarter 2011 -- the ninth straight quarter with a year-over-year decrease. Filings fell 16 percent on an annual basis in September, to 180,427 -- the lowest monthly total since July 2007.The nationwide decreases in foreclosure activity in September and the third quarter as a whole were mainly due to declines in states where the foreclosure process is not primarily handled by the courts, called non-judicial foreclosure states. Of the 24 states where the non-judicia...