Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL- 05/16/2013 list has been posted.
Foreclosure activity hit a six-year low in April, according to the latest report from public records data aggregator RealtyTrac, although scheduled foreclosure auctions posted annual increases in 15 of 26 states where courts handle the foreclosure process — a development that could help alleviate inventory shortages in some markets.
The overall decline in foreclosure activity comes as other market bellwethers continue to point towards a recovery. Home prices in April reportedly posted their biggest annual gain in seven years, while new problem loans reportedly dropped to their lowest level in six years.
In April, foreclosure-related filings — default notices, scheduled auctions and bank repossessions — dropped to 144,790, falling by 5 percent from March and 23 percent from April 2012, according to RealtyTrac’s April 2013 U.S. Foreclosure Market Report. That’s the lowest level since February, 2007.
“Many of the states hardest hit by the bursting housing bubble have worked through the bulk of the bad loans created during the housing bubble that triggered the foreclosure tsunami,” said Daren Blomquist, vice president at RealtyTrac.
“Specifically those would be California, Arizona, Georgia and Michigan, where a more streamlined non-judicial foreclosure process has allowed for a more efficient disposition of the bad loans via foreclosure.”
But even as overall foreclosure activity declined, the number of scheduled auctions in judicial foreclosure states climbed 22 percent from March to April and 31 percent from a year ago, reaching a 30-month high, RealtyTrac said.
Many judicial foreclosure states racked up backlogs of foreclosures during the housing meltdown, thanks in part to controversies over “robo-signing” of mortgage documents needed to move homes through the foreclosure process.
The jump in scheduled auctions in judicial foreclosure states follows an uptick in foreclosure starts in recent months as loan servicers put the robo-servicing scandal behind them.
“Many of these judicial foreclosure states experienced a foreclosure process logjam following the robo-signing controversy that came to light in October 2010,” Blomquist said.
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