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December foreclosure activity was at its lowest level since April 2007, down 21 per cent year-over-year, according to RealtyTrac’s latest foreclosure report.Foreclosure activity was down 10 per cent month-over-month, with 162,511 U.S. properties receiving foreclosure filings last month.
For 2012, foreclosure filings were down 3 per cent YoY, and down 36 per cent from their peak in 2010.
Here are some details from the report for the month of December:
- 1 in every 810 homes received a foreclosure filing in December.
- Florida which posted the highest foreclosure rate in 2012, also had the highest foreclosure rate in the month of December, with one in every 338 housing units receiving a foreclosure filing, that’s up 8 per cent from a year ago.
Fourth quarter 2012:
- Q4 foreclosure filings were at their lowest level since Q3 2007. Bank repossessions however were up 9 per cent in the fourth quarter.
- The average time to complete a foreclosure nationwide in the fourth quarter increased 8 per cent from the previous quarter to a record-high 414 days.
All of 2012:
- Foreclosure activity increased in 25 states in year-over-year terms, and decreased in 25 states in YoY terms.
- Foreclosure inventory was up 9 per cent YoY at the end of the year. But inventory was down 31 per cent from its peak.
- Among metros, Stockton, California has the highest foreclosure rate with one in 25 housing units receiving a foreclosure filing last year. Foreclosure activity was however down 25 per cent YoY.
But it isn’t all good news, with a rise in foreclosure inventory last year, Daren Blomquist, vice-president of RealtyTrac warns that “2013 is likely to be book-ended by two discrete jumps in foreclosure activity”.
“We expect to see continued increases in judicial foreclosure states near the beginning of the year as lenders finish catching up with the backlogs in those states, and another set of increases in some non-judicial states near the end of the year as lenders adjust to the new laws and process some deferred foreclosures in those states.”
Here’s a look at national foreclosure activity since 2005:
Note: Foreclosure activity is distinguished from foreclosure rate. The former refers to total foreclosure filings while the rate details 1 in ever X housing units received a foreclosure filing.