Thursday, May 17, 2012

RealtyTrac® Reports U.S. Residential Foreclosure Activity Shifting Eastward



IRVINE, CA. – May 17, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for April 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 188,780 U.S. properties in April, the lowest monthly total since July 2007.

April foreclosure activity decreased 5 percent from the previous month and was down 14 percent from April 2011. One in every 698 U.S. housing units had a foreclosure filing during the month.

“Rising foreclosure activity in many state and local markets in April was masked at the national level by sizable decreases in hard-hit foreclosure states like California, Arizona and Nevada,” said Brandon Moore (top right photo), CEO of RealtyTrac.

“Those three states, and several other non-judicial foreclosure states like them, more efficiently processed foreclosures last year, resulting in fewer catch-up foreclosures this year.

“In addition, more distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore continued.

“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.”  

For a complete copy of the company’s news release and statistics, please contact:

Christine Stricker
949.502.8300, ext. 268

Michelle Schneider
949.502.8300, ext. 139

Order Custom Data:
Tyler White
949.502.8300, ext. 158

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