Increase in Short Sales Helps Lower Foreclosures

For the first time since 2007, foreclosure filings were at their lowest for a month in April 2012. This includes default notices, auctions and bank repossessions. Any increases in foreclosure activity were masked by the decline in the three large, hardest hit states of California, Nevada and Arizona. They were more efficient in processing their foreclosures, therefore have fewer waiting in the wings. The increase in short sales is also helping stem the tide of foreclosure filings. According to Brandon Moore, CEO of RealtyTrac, “Our preliminary first quarter sales data shows that pre-foreclosure sales – typically short sales – are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.” Despite this, 26 states still saw an increase in foreclosure starts, while REO activity dropped in 37 states. Read the full article here.
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