According to a recent report by RealtyTrac Inc., foreclosure filings have finally begun to level off nationwide.
Filings are down 2 percent overall nationwide, with certain states like New York seeing drops as large as 20 percent. April is the first month of the year where foreclosure filings have fallen rather than risen.
“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis.”
“We expect a similar pattern to continue for most of this year,” Saccacio said, “with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”
California, Florida, Michigan, Illinois, and Nevada foreclosures account for more than half of the nation’s total filings, with Nevada leading at one in every 69 homes receiving foreclosure filings
If you are facing a foreclosure filing or bankruptcy, contact Birmingham foreclosure defense attorney Paula Greenway at Greenway Bankruptcy Law, (205) 324-4000.