Foreclosure Starts Dip to 10-Year Lows
DAILY NEWS
The foreclosure crisis is continuing to fade. RealtyTrac’s U.S. Foreclosure Market Report for November showed that foreclosure filings – which include default notices, scheduled auctions, and bank repossessions – fell nearly 10 percent month-over-month and are down more than 7 percent from a year ago at 104,111 U.S. properties in November. Read more: Foreclosures Down 68% From Peak The drop was mostly attributed to a 15 percent month-over-month drop in foreclosure starts with 41,208 properties starting the foreclosure process for the first time in November. That marks the lowest monthly total since May 2005, RealtyTrac reports. “Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term even as foreclosure starts drop to new lows,” says Daren Blomquist. “This also means the share of active foreclosures tied to bubble-era loans is shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008. While that is still a disproportionate share of active foreclosures, it continues to decrease from 61 percent earlier this year and 75 percent two years ago.” Nine states, however, are bucking that national trend. The nine states where foreclosure starts rose from a year ago were: Oklahoma (up 246 percent), Arkansas (up 180 percent), Virginia (up 39 percent), Maine (up 5 percent), and Massachusetts (up 14 percent), according to RealtyTrac. Source: RealtyTrac

The foreclosure crisis is continuing to fade. RealtyTrac’s U.S. Foreclosure Market Report for November showed that foreclosure filings – which include default notices, scheduled auctions, and bank repossessions – fell nearly 10 percent month-over-month and are down more than 7 percent from a year ago at 104,111 U.S. properties in November.

Read more: Foreclosures Down 68% From Peak

The drop was mostly attributed to a 15 percent month-over-month drop in foreclosure starts with 41,208 properties starting the foreclosure process for the first time in November. That marks the lowest monthly total since May 2005, RealtyTrac reports.

“Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term even as foreclosure starts drop to new lows,” says Daren Blomquist. “This also means the share of active foreclosures tied to bubble-era loans is shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008. While that is still a disproportionate share of active foreclosures, it continues to decrease from 61 percent earlier this year and 75 percent two years ago.”

Nine states, however, are bucking that national trend. The nine states where foreclosure starts rose from a year ago were: Oklahoma (up 246 percent), Arkansas (up 180 percent), Virginia (up 39 percent), Maine (up 5 percent), and Massachusetts (up 14 percent), according to RealtyTrac.

Source: RealtyTrac