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| Daren Blomquist |
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s
leading source for comprehensive housing data, released its U.S. Foreclosure
Market Report™ for February 2014, which shows foreclosure filings — default
notices, scheduled auctions and bank repossessions — were reported on 112,498
U.S. properties in February, a 10 percent decrease from January and down 27
percent from February 2013 to the lowest monthly total since December 2006 — a
more than seven-year low.
RealtyTrac also included updated information on the number
of owner-vacated properties in the foreclosure process as part of the report.
As of the first quarter of 2014, a total of 152,033 U.S.
properties in the foreclosure process (excluding bank-owned properties) had
been vacated by the distressed homeowner, representing 21 percent of all
properties in the foreclosure process.
These owner-vacated foreclosures — sometimes called zombie
foreclosures — had been in the foreclosure process an average of 1,031 days.
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“Cold weather and a short month certainly contributed to a
seasonal drop in foreclosure activity in February, but the reality is that new
activity is no longer the biggest threat to the housing market when it comes to
foreclosures,” said Daren Blomquist, vice president at RealtyTrac.
“The biggest threat from foreclosures going forward is
properties that have been lingering in the foreclosure process for years, many
of them vacant with neither the distressed homeowner or the foreclosing lender
taking responsibility for maintenance and upkeep of the home — or at the very
least facilitating a sale to a new homeowner more likely to perform needed
upkeep and maintenance.”
For a complete copy of the company’s news release, please
contact:
Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139
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