Foreclosures Dropping in Ten States–And You Might Be Surprised at Some
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RealtyTrac, a premier source of distressed real estate information, noted significant declines in foreclosures in many states—but particularly those in which foreclosures are non-judicial (no court intervention in the foreclosure process which follow state statutes). The full report is available here.
- Q3 2012 foreclosures filings were down 13 percent Vs. Q3 2011
- Filings were completed on 531,576 U.S. residences in Q3 2012, down 5 percent from Q2 2012
- The decline in foreclosure filings was predominantly in non-judicial foreclosure states – California, Georgia, Texas, Arizona and Michigan
- Increases in Q3 2012 foreclosure filings Vs. Q3 2011 were noted in the judicial foreclosure states including Florida, Illinois, Ohio, New Jersey, and New York
- Among non-judicial foreclosure states, only Washington state posted a 15 percent year-over-year foreclosure activity increase and a 70 percent sequential rise from Q2 2012
- Q3 2012 foreclosures averaged 382 days (from original filing to completing the foreclosure), up from 336 days in Q3 2011
- Average time to foreclose in New York in Q3 2012 was 1,072 days, Florida 858 days, California 335 days and Texas 97 days
Good news is that the country (in most locations) continues to work through the backlog of distressed real estate, a necessary process to return to normal.