Foreclosures Drop 3% in May as Lenders Tackle Backlog: RealtyTrac

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Differences Between Shortsales, Pre-Foreclosures, and Foreclosures "Foreclosure activity has begun to plateau, but at a very high level that will not drop off in the near future," RealtyTrac CEO James J. Saccacio said in a news release.

Foreclosure has never been simple but with the current backlog and other pressures, it’s become worse than ever. Here to help is an easy to read foreclosure process timeline. It will help novice investors understand the different methods used to purchase short sale, pre-foreclosures and foreclosed properties.

 · Oregon foreclosure filings in April were nearly half the amount seen a year ago, reflecting a nationwide decline and a shift in foreclosure activity toward the East Coast. According to RealtyTrac, a California-based foreclosure listing site, lenders filed fewer U.S. foreclosure actions in April than any month since July 2007.

There were 322,920 properties that received a foreclosure filing in May, down 3% from 333,837 in April. But it remains 1% above levels seen in May 2009. But it remains 1% above levels seen in May.

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Foreclosure filings continued to creep up in January, gaining 3% from December, according to data released today by RealtyTrac.A total of 210,941 properties-or one in every 624 housing units.

Oahu remained well below the national rate of foreclosures in April, but the Big Island and Maui markets took large hits. There were 1,474 Hawaii properties that received foreclosure notices last month, according to RealtyTrac, an online foreclosure marketplace. That was a 115.5 percent increase over April 2009 foreclosure numbers.

Foreclosure activity dropped 3 percent from April to May, according to new data from RealtyTrac. It’s the second month in a row the company has recorded a decline. In May, a total of 322,920.

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 · Lender processing delays reduced the number of U.S. homes taken back by banks in the first three months of the year and contributed to a sharp drop in properties entering the foreclosure process. But March foreclosure data suggest foreclosure activity may be starting to creep higher, as lenders make progress tackling a backlog of pending.

Doug Duncan, MBA chief economist: “Recent upheavals in the mortgage industry may be temporarily increasing the level of retail application activity at the large lenders that. reported in H1’06.".