A Sign of Recovery? Foreclosure Activity Decline by 3 Percent

It could either be a good sign that the foreclosure activity in the United States have decreased by 3 percent from the previous month of June. Based on the report of Irvine-based real estate information company, RealtyTrac(R) there has been a decline in foreclosure activities but a steady increase in foreclosure starts.

Premier online real estate information company, RealtyTrac published their U.S. Foreclosure Market Report for the month of July 2012. The report contains information about bank repossessions, scheduled auctions, and default notices that was based on information gathered from 191,925 properties that filed for foreclosure in the United States. The report showed that there was a 3 percent decline from the previous month of June and a 10 percent decline from July of 2011 which would be a good sign because it could mean that less people are losing their homes. Breaking down the figures, 1 out of 686 households filed for bankruptcy.

Daren Blomquist, RealtyTrac Vice-President said, “U.S. Foreclosure activity continued its uneven descent in July as the overall numbers declined on an annual basis for the 22nd straight month, but properties starting the foreclosure process increased on an annual basis for the third straight month.” He further added, “Recent foreclosure activity patterns vary significantly from state to state, often hinging on the level of dysfunction that exists in each state’s foreclosure process. In states like Florida, Illinois and New Jersey, where processing and procedural issues slowed foreclosure activity to a crawl last year, foreclosure numbers continue to rebound off those artificially low levels. But in states like Texas, Arizona, and Virginia where the average time to foreclose is well below the national average of 378 days, foreclosure activity continues on a long-term downward trend.

If these figures accurately show that the foreclosure filings in the U.S. has gone down, this could be indeed a good sign that the economy of the United States is recovering slowly but surely and less of the population is becoming homeless.

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