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RealtyTrac reported today that foreclosures in 2011 declined 34 per cent to their lowest levels since 2007, though the agency signaled the number could tick up this year as banks work litigation involving faulty notices.The number of units in foreclosure declined to 1,887,777, or one out of 69 homes, from 2,529,261, or one out of 44. Nevada, Arizona and California had the highest foreclosure rates.
But Realtytrac CEO Brandon Moore said the foreclosure process remains dysfunctional, especially in states with judicial foreclosure processes. As lenders begin to resolve those issues, he said, foreclosure activity will likely trend upward.
“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.”
Foreclosures in December fell to a 49-month low of 205,024 filings, down 9% from November and down 20% from December of last year.