Foreclosure Activity Hits 3-Year Low

Does this update signal a shift?

New data from RealtyTrac shows that foreclosure filings nationwide dropped 14 percent between January and February, as overall activity last month sunk to its lowest level since February of 2008.  RealtyTrac says total foreclosure filings – including default notices, scheduled auctions, and bank repossessions – were reported on 225,101 properties in February, a 27 percent decrease from a year earlier and the biggest year-over-year decline since the company began issuing its report in 2005.

On the surface, all good news for an industry trying to get a handle on delinquencies and property repossessions, but RealtyTrac says the sharp decline is likely the result of processing delays following last fall’s robo-signing problems. 

A total of 63,165 U.S. properties received default notices (NOD, LIS) for the first time in February. Foreclosure auctions (NTS, NFS) were scheduled for the first time on 97,293 homes last month, while lenders completed foreclosure on 64,643 properties.

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