Industry NewsMarkets & Economy

Robo-signing backlog hitting judicial foreclosure states

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

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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...