The year end 2011 U.S. Foreclosure Market Report released by RealtyTrac showed a decreased in foreclosure filings, default notices, scheduled auctions and bank repossessions by 34% from 2010.
One in 69 housing units had a foreclosure filing during 2011, which is down 2.23 percent from 2010. More than 4 million homes have been lost to foreclosure over the past five years.
“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.
“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”
For more information, view 2011 Year-End Foreclosure Report: Foreclosures on the Retreat