RealtyTrac data shows foreclosures fall 29% in since last June – Philadelphia foreclosures
Foreclosure filings fell dramatically during the first half of the year as processing delays at the banks, which are strapped with excess inventory of repossessed homes, continued to skew the numbers –and falsely raise hopes that the housing market is staging a recovery. Foreclosure filings plunged 29% compared with the same period a year ago and were down 25% from the last six months of 2010, according to the latest report from RealtyTrac, an online marketer of foreclosed properties. Through June 30, 1.2 million U.S. homeowners – or one in every 111 households — received a foreclosure filing, according to RealtyTrac.The deceleration in defaults continued as the year wore on with second quarter filings — at 608,235 households — marking the lowest quarterly total since the end of 2007, when the mortgage meltdown was still in its youth.
The entire article can be found at CNNMoney.com here.
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
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