Yesterday, RealtyTrac released its "U.S. Foreclosure Market Report" for both the third quarter of 2012 and for the month of September. According to the report, foreclosure rates keep declining as opposed to rising like so many analysts had predicted. In fact, the rates are down 7% from last month and 16% from September 2011. This is the lowest they have been since July 2007! This is also the ninth consecutive quarter in which rates have decreased.
Unfortunately, delayed foreclosures in some states may cause some issues. States where foreclosures must be approved by the court (Florida, Ohio, and New York to name a few) have reported large increases in foreclosure activity. States that have seen the largest drops in foreclosure activity though, typically in states that do not need court approval, include California, Texas, and Michigan.
Read the full RealtyTrac here.
