Foreclosure Activity Drops Sharply Thanks to New California Law

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Posted To: MND NewsWire

Foreclosure activity in much of the nation now appears to be accelerating downward, dropping 7 percent in a single month according to RealtyTrac. Foreclosure filings nationwide - default notices, scheduled auctions, and bank repossessions - numbered 150,864 or one in every 869 U.S. housing units in January compared to 162,511 in December. This was a 28.5 percent decrease from January 2012. Foreclosure starts were down 11 percent from December and 28 percent compared to a year earlier and at the lowest level since June 2006. Bank repossessions or REO dropped 5 percent from the previous month and were down 24 percent from January 2012 to the lowest level since February 2008. While overall activity was down in most states, the size of the national decline can be traced to California where a new...(read more)

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Source: http://www.mortgagenewsdaily.com/02142013_realty_trac_foreclosures.asp

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