Foreclosures at 49 month low in DecemberAn annual report of foreclosure activity in the US found the
number of properties subject to default notices, scheduled
auctions or bank repossessions in 2011 dropped 34% from the
previous year, according to a RealtyTrac report released today.
In addition to the overall decline in foreclosures, the report
found that December activity was at the lowest level since August
2007. However, the report cautions 2012 could likely see an
upswing in activity. For the fifth straight year, Nevada
recorded the most foreclosure activity of any state in the
nation. While 1.45% of housing units nationwide had at least one
foreclosure filing in 2011, the Nevada rate was 6%. That
translates into foreclosure filings for 1 in 16 housing units in
the state. Despite having the distinction of the country's
highest foreclosure rate, the situation in Nevada has improved
significantly from years past. Foreclosure activity in 2011 was
down 31% from that of 2010. Default notice filings dropped 70% in
the fourth quarter compared to the third quarter. However, that
decrease may be largely attributed to a change in Nevada state
law that requires an additional affidavit before beginning the
foreclosure process.Other states with an above-average percentage of homes with at
least one foreclosure filing in 2011 represent almost every
region except New England:
- Arizona - 4.14%
- California - 3.19%
- Georgia - 2.71%
- Michigan - 2.21%
- Florida - 2.06%
- Illinois - 1.95%
- Colorado - 1.78%
- Idaho - 1.77%
number of properties subject to default notices, scheduled
auctions or bank repossessions in 2011 dropped 34% from the
previous year, according to a RealtyTrac report released today.
In addition to the overall decline in foreclosures, the report
found that December activity was at the lowest level since August
2007. However, the report cautions 2012 could likely see an
upswing in activity. For the fifth straight year, Nevada
recorded the most foreclosure activity of any state in the
nation. While 1.45% of housing units nationwide had at least one
foreclosure filing in 2011, the Nevada rate was 6%. That
translates into foreclosure filings for 1 in 16 housing units in
the state. Despite having the distinction of the country's
highest foreclosure rate, the situation in Nevada has improved
significantly from years past. Foreclosure activity in 2011 was
down 31% from that of 2010. Default notice filings dropped 70% in
the fourth quarter compared to the third quarter. However, that
decrease may be largely attributed to a change in Nevada state
law that requires an additional affidavit before beginning the
foreclosure process.Other states with an above-average percentage of homes with at
least one foreclosure filing in 2011 represent almost every
region except New England:
- Arizona - 4.14%
- California - 3.19%
- Georgia - 2.71%
- Michigan - 2.21%
- Florida - 2.06%
- Illinois - 1.95%
- Colorado - 1.78%
- Idaho - 1.77%
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