RealtyTrac Releases its U.S. Foreclosure Market Report®

On October 13th, RealtyTrac, a major online marketplace for foreclosures, released its third quarter 2011 report of foreclosure filings and data. It’s an extensive report, but we can highlight it here for you:

- Data on – foreclosure filings, default notices, scheduled auctions and bank repossessions.

- Properties – 610,337 properties in the report for the third quarter.

- This is a decrease of 1% from the previous quarter and 34% from the third quarter of 2010.

- One in every 213 American housing units had a foreclosure filing in the quarter.

-September marked the 12th straight month where foreclosure activity decreased on a year-over-year basis.

- With the effects of robo-signing waning, this trend is expected to change soon with foreclosure activity again ramping up.

- U.S. properties foreclosed in the third quarter took an average of 336 days to complete the process, up from 318 days in the second quarter.

- Foreclosure activity by type:
--> Default notices – filed on 195,878 properties, up 14 percent from the previous quarter but down 27 percent from the third quarter a year ago.

--> Foreclosure auctions – scheduled for the first time for 217,929 properties, down 6% from the previous quarter and 41% from a year ago.

- The top foreclosure states were Nevada, California and Arizona

As mentioned in another article in this issue, it is going to be considered a good sign if foreclosures ramp back up and inventory begins to clear out.