Racine Wisconsin has now gotten more spotlight. Racine (ranked 12th) is one of the areas filling the spots vacated by Florida, cities included Salt Lake City at No. 16, Atlanta-Sandy Springs-Marietta at No. 17, and Detroit-Warren-Livonia at No. 18. We are even beating out Detroit.
February 2011 foreclosure numbers look good but only because lenders have slowed their filings to update their systems, reports Irvine, CA-based RealtyTrac.
Foreclosure filings–default notices, scheduled auctions and bank repossessions — were reported on 225,101 U.S. properties in February, a 14 percent decrease from the previous month and a 27 percent decrease from February 2010–the biggest year-over-year decrease since RealtyTrac began issuing its report in 2005.
The report also shows one in every 577 U.S. housing units with a foreclosure filing during the month
“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac.
“While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures.
“We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”
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World Property Channel, residential real estate