BAP Blog Foreclosures fall for 10th straight month

Realty Trac is reporting that Foreclosure filings dropped once again in July and hitting their lowest level since November 2007. This drop was helped by processing delays and foreclosure prevention measures that enabled a larger number of delinquent borrowers to remain in their homes. Filings were down 4% compared to June and were 35% lower than July 2010, marking the tenth straight month of year-over-year declines. RealtyTrac reported that 212,764 U.S. homes received some kind of foreclosure filing -- notice of default, notice of auction sale or completed foreclosure -- during the month. Bank repossessions totaled 67,829 which is down 33.6% from the peak month of September, 2010 -- when banks took back 102,134 homes, and off 27% from 12 months earlier. This downward trend in foreclosure activity appears to be related to processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts that may be allowing more distressed homeowners to stave off foreclosure.