Foreclosures Drop 3% in May as Lenders Tackle Backlog: RealtyTrac

Foreclosure filings – including default notices, scheduled auctions and bank repossessions – were reported on 125,875 U.S. properties in April, an increase of 3% compared to March and an increase of 9% compared to April 2014, according to RealtyTrac’s U.S. Foreclosure Market Report.. Driving the increase was a 25% month-over-month jump in bank repossessions (REOs), which were up for a.

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RealtyTrac’s report defines “foreclosure filings” as anything from the first default notice to scheduled auctions and repossessions. Good news from the report: comparing October 2013 to October 2012 showed a 28% drop in foreclosure filings across the country. Florida, Nevada and Maryland were the Top 3 in state foreclosure rates according.

In those states, the courts play a role in the foreclosure process, prolonging the time it’s taking lenders to tackle their backlog of foreclosure. last year, RealtyTrac said. Lenders repossessed.

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In the Shadow of the Mortgage Meltdown: Taking Stock. Working In Neighborhoods has produced an annual foreclosure report since May, 2002. The report grew out of the need to better understand increasing foreclosure activity in many Cincinnati neighborhoods, much of. a drop of 17.5 percent. 842 of these completed sales occurred within the.

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Foreclosure rates dropping, may mean less vacant homes. lenders to tackle their backlog of foreclosure cases. Fourteen states saw an annual increase in foreclosure activity, which RealtyTrac.

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How to buy a foreclosure direct from the courthouse-Part 1 Foreclosure Filings Down 3%: RealtyTrac – Foreclosure activity dropped 3 percent from April to May, according. leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,"" said.

While rising prices, and an improving economy have resulted in a steep drop in foreclosures, there are more than 1.2 million properties in the repossession process or owned by banks that the market is.

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