Average Days to Foreclose Up to 348 Nationwide; Over 800 Days in NY, NJ and FL ; Annual Activity Down in 45 States; Nevada, Arizona, California Post Highest Rates
IRVINE, CA– RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties,released its Year-End 2011 U.S. Foreclosure Market Report™, which shows a total of 2,698,967 foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010. Foreclosure activity in 2011 was 33 percent below the 2009 total and 19 percent below the 2008 total.
The report also shows that 1.45 percent of U.S. housing units (one in 69) had at least one foreclosure filing during the year, down from 2.23 percent in 2010, 2.21 percent in 2009, and 1.84 percent in 2008.
Total U.S. foreclosure activity and the U.S. foreclosure rate in 2011 were both at their lowest annual level since 2007.
“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore (top right photo), 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.”
The complete report, along with an interactive nationwide foreclosure heat map and other relevant charts, will be available on the RealtyTrac website at the following link
Media Contacts:
Christine Stricker
949.502.8300, ext. 268
Michelle Schneider
949.502.8300, ext. 139
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Tyler White
949.502.8300, ext. 158
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