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IRVINE, CA-Foreclosure filings in March decreased 1% in March from the previous month and were down 23% from March 2012, according to RealtyTrac, a locally based online marketplace for foreclosure properties and real estate data. The decrease helped drop first-quarter foreclosure numbers to the lowest level since the second quarter of 2007.
However, US foreclosure starts increased 2% from February to March, the second straight monthly increase following three consecutive monthly decreases. Nevertheless, this number was still down 28% from a year ago. And foreclosure starts in March increased from the previous month in 23 states and were up annually in 12 states, led by New York, Maryland, Washington, Arkansas and Nevada, the report states.
In addition, bank REOs decreased 3% in March from February and were down 21% from a year ago. A total of 34 states reported annual decreases in REO activity in March, including Oregon, Utah, Massachusetts, Michigan and Nevada.
“Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure-prevention efforts in previous years are wearing off,” said Daren Blomquist, VP at RealtyTrac, in a prepared statement.
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As GlobeSt.com reported last week, a mere three western markets made RealtyTrac's list of 20 Best Markets for Single-Family Rentals, reports the locally based supplier of real estate data. Las Vegas, Phoenix and Ogden, UT, were on the list, which was dominated by eastern and mid-western markets in Florida and Missouri.
Read our update to this story later today to find out how the average number of days to foreclose on a property is rising in some states and to view the latest RealtyTrac interactive heat map of US foreclosure activity.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
