Foreclosure Activity Down with Fewer Bank Repossessions

You’ve heard it on the news, the number of homes that are being foreclosed on has decreased over the last couple of months and has definitely decreased since last year. Why? Many sellers are coming to terms with the fact that their property isn’t worth what they owe on it and are opting for a short sale instead of heading down the path of a foreclosure. In the last 30 days we have been able to help 5 families short sale their home, save their credit, allow them to move out of their home with dignity AND we have been able to get them at least $3,000 (sometimes as much as $30,000)from the bank as relocation assistance!

Don’t let the bank take your home from you. You can stay in your home, save money, and we can guarantee it will be easier than dealing with the banks on your own. Call me for a free consultation to go over your options: 626-252-0839, it takes 10 minutes and will save you months of headaches!

Overall, foreclosure activity declined year-over-year and month-over-month, but foreclosure starts told a different story in July, according to RealtyTrac’s foreclosure market report.

Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, fell 3 percent month-over-month and decreased 10 percent from July 2011. In July, 191,925 U.S. properties received a foreclosure filing.

Foreclosure starts, which include default notices or scheduled foreclosure auctions, saw a 6 percent decrease from June but were up 6 percent from a year ago.

“U.S. foreclosure activity continued its uneven descent in July as the overall numbers declined on an annual basis for the 22nd straight month, but properties starting the foreclosure process increased on an annual basis for the third straight month,” said Daren Blomquist, Vice President of RealtyTrac, in a release. “Recent foreclosure activity patterns vary significantly from state to state, often hinging on the level of dysfunction that exists in each state’s foreclosure process.”

Twenty-seven out of 50 states saw their foreclosure starts rise, 16 of which were in judicial states and 11 in non-judicial states. In judicial states, lenders must receive court approval to proceed with a foreclosure.

The states with the largest year-over-year increases in foreclosure starts were Connecticut (201 percent), New Jersey (164 percent), Pennsylvania (139 percent), Indiana (83 percent), and Massachusetts (65 percent).

Fewer homes were lost to the foreclosure process in July, with lenders completing the foreclosure process on 53,654 U.S. properties. The figure is a 1 percent decrease from June and a 21 percent decrease from a year ago. The yearly decrease marks the 21st consecutive month of declines in bank repossessions. According to RealtyTrac, the yearly decrease was also the main reason for the overall decline in foreclosure activity.

Thirty-eight states and the District of Columbia saw a drop in REO activity. States with notable declines include Nevada (71 percent), Virginia (65 percent), California (44 percent), Georgia (39 percent), and Washington (35 percent), all of which are non-judicial states.

By. Esther

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