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

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Foreclosure activity dropped 3 percent from April to May, according to new data from RealtyTrac. It’s the second month in a row the company has recorded a decline. In May, a total of 322,920.

Realtytrac’s Year-End 2012 U.S. Foreclosure Market Report shows the 2012 foreclosure filings – default notices, scheduled auctions and bank repossessions – were down 3 percent from 2011, and down 36 percent from the peak of 2.9 million properties with foreclosure filings in 2010.

 · Foreclosures Drop to Nine-Year Low: RealtyTrac. The trend is the result of a 10-year low in foreclosure starts, RealtyTrac said.. we are finally getting through the backlog of distressed.

Foreclosure has never been simple but with the current backlog and other pressures, it’s become worse than ever. Here to help is an easy to read foreclosure process timeline. It will help novice investors understand the different methods used to purchase short sale, pre-foreclosures and foreclosed properties.

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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..

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Foreclosures increased 3% from August to 347,420 properties as lenders continued to work through the shadow inventory of distressed properties, according to RealtyTrac, which monitors the filings across the country. Banks repossessed 102,134 properties in September, the first time REO reached triple digits for a single month.

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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.