Delays Push Foreclosures to 40-Month Low in April

The average foreclosure timeline in Florida was 679 days for first-quarter foreclosures, which was still four times the 169-day average one year ago.

Palm Coast, FL – May 12, 2011

More than 219,200 properties received a foreclosure filing in April, a 9% drop from March and the lowest level seen in 40 months, according to RealtyTrac.
Filings – default notices, scheduled auctions, or repossessions – were actually 34% lower than one year ago. It’s the seventh straight month of yearly declines. Last fall, servicers came under investigation for faulty foreclosure practices and held up the process to make corrections and improvements. RealtyTrac CEO James Saccacio said these "massive delays" in the process continue to bring down filings, not a housing recovery.
Full Story >>>> HousingWire [May 11]

1 reply
  1. George Meegan
    George Meegan says:

    Not for sale

    The inventory of to be foreclosed homes does help the market, as they are not for sale until resolution of proceedings is done.Therefore they do not compete with the rest of the market.

    That will create a rise in asking prices as CMA’s are done without the foreclosure comperables.

    Appraisers have been accused of low balling appraisals so they do not cause more foreclosures down the road, as prices will go lower if interest rates are rised, as most of investors feel is the only way the FED will be able to sell debt once the Treasury stops buying it next month when QE2 ends.

    There may be a jump in sales prior to QE2 ending by those seeing the interest jump. Sellers knowing this will ask more and create a short lived upward movement in real estate prices. They say watch the volume, and it should start right after Memorial day.

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