Data just released by RealtyTrac shows that processing delays have reduced foreclosure activity to its lowest level since the first quarter of 2008. During the first three months of this year, the tracking firm says one in every 191 homes in the United States received a foreclosure filing. Lenders completed foreclosure actions on 215,046 properties in the first quarter, a 17 percent decline from a year ago. Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.
The Bremner Group at Coldwell Banker
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