Foreclosure Activity Nearing Stability Despite Increase In March

Foreclosure Activity Nearing Stability Despite Increase In March

Short Sale Solutions

The 2015 Q1 reports came out and even though there was a 7 percent decrease of foreclosure filings from the previous quarter and down 8 percent from the first quarter of 2014, there was an increase of foreclosure filings for the month of March compared to a year ago.

“There were a total of 122,060 U.S. properties with foreclosure filings in March, a 20 percent jump from a 104-month low in February and up 4 percent from a year ago — the first month with a year-over-year increase in overall foreclosure activity since September 2010.”

The increase in March was driven primarily by a jump in bank repossessions (REOs).

“The March increase is continued cleanup of distress still lingering from the previous housing crisis; not the beginning of a new crisis by any means. Some of the most stubborn foreclosure cases are finally being flushed out of the foreclosure pipeline, and we would expect to see more noise in the numbers over the next few months as national foreclosure activity makes its way back to more stable patterns by the end of this year,” stated Daren Blomquist, vice president at RealtyTrac.

 

Source: RealtyTrac,com

 

Foreclosure Activity Nearing Stability Despite Increase In March

Short Sale Solutions

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