U.S Property Foreclosures Down 26 Per Cent, to a 6 Year Low

[Stuart G]

Source: Property Channel. Com/ Google News

The number of foreclosure filings in 2013 dropped 26 percent from 2012, to reach the lowest annual total since 2007, according to the latest report from RealtyTrac.

Foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 1,361,795 U.S. homes in 2013, down from the peak of 2.9 million properties with foreclosures filings in 2010.

Foreclosure starts totaled 747,728 homes in 2013, down 33 percent from the previous year, to reach the lowest annual total since RealtyTrac began tracking in 2006. Foreclosure starts decreased in 2013 compared to 2012 in 37 states. States with the significant decreases in foreclosure starts included California (down 60 percent from 2012), Arizona (down 59 percent from 2012), Colorado (down 58 percent from 2012), Georgia (down 47 percent from 2012) and Michigan (down 42 percent from 2012) -- all non-judicial states. - See more at: http://www.worldpropertychannel.com/north-america-residential-news/us-foreclosure-filings-realtytrac-florida-foreclosures-nevada-foreclosures-bank-repossessions-reo-sales-reo-listings-7892.php#sthash.0yW2xPdo.dpuf

Read more: http://www.worldpropertychannel.com/north-america-residential-news/us-foreclosure-filings-realtytrac-florida-foreclosures-nevada-foreclosures-bank-repossessions-reo-sales-reo-listings-7892.php

[KurtNYC]

1. Surprising since when I look at some markets, 80% of what's for sale are foreclosures

http://www.trulia.com/for_sale/Batavia,NY/1p_beds/price;a_sort/2_p

But maybe this stat is showing a lag between the foreclosure and the sale or maybe many foreclosure are going unsold because the markets they are in are still very soft.

[Orsino]

2. Banks already own and resell the low-hanging fruit.

They are having to work much harder now to own more homes.