Foreclosure Market Report

According to RealtyTrac's Midyear 2013 Foreclosure Market Report, there were a total of 801,359 properties across the U.S. that have foreclosure filings in the first half of 2013. That signifies a 19% decrease from the previous six months. It is also down by 23% from the first half of 2012.

While there are so many programs today geared toward helping Americans avoid foreclosure, the report shows that 0.61% of all housing units in the country has had at least one foreclosure filing between January and June 2013, which accounts for 1 in 164 homes.

“Halfway through 2013 it is becoming increasingly evident that while foreclosures are no longer a problem nationally they continue to be a thorn in the side of several state and local markets, particularly where a backlog of delayed distress has built up thanks to a lengthy foreclosure process,” said Daren Blomquist, vice president at RealtyTrac. “The increases in judicial foreclosure auctions demonstrate that these delayed foreclosure cases are now being moved more quickly through to foreclosure completion."

There were 127,790 properties with foreclosure filings in June. This is down by 14% from May and down 35% from June 2012 which is the lowest monthly level we've seen in six and a half years.

If you are facing foreclosure, contact us! We'd love to help you refinance your home. Perhaps all you need is a lower monthly mortgage payment. Or we can help you sell your home and get into a smaller, less-expensive place! There's always a way! 888-883-5252

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2011 Foreclosure Rate Down 34 Percent

We all know that housing foreclosures have been a big problem for Americans in the past few years. With the shaky economy and high unemployment rates, many people have had issues paying off their mortgages. In 2011, however, it looks as though Americans were given a bit of collective relief. Both the total U.S. foreclosure activity and the U.S. foreclosure rate were at their lowest annual level since 2007. That is good news.

According to RealtyTrac's Year-End 2011 U.S. Foreclosure Market Report, there were nearly 2.7 milliion foreclosure filings in 2011. This includes default notices, scheduled auctions and bank repossessions. These were reported on nearly 1.9 million properties, which is actually a decrease of 34 percent in total properties compared to 2010.

This means that approximately 1 in 69 houses had at least one foreclosure filing during 2011.

The reason for this decrease in the total number of foreclosures may have more to do with the dysfunctional foreclosure process than anything. Right now, many houses are hanging in limbo. It seems as though all the paperwork has been a problem, leaving delinquent mortgages at a standstill. However, lenders are finally starting to get some of these delayed foreclosures moving. This may boost foreclosure activity in 2012.

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