This article first appeared in the St. Louis Beacon, April 11, 2013 - The first quarter of 2013 recorded the lowest U.S. foreclosure activity since the second quarter of 2007, according to an online marketer that tracks foreclosure activity.
According to RealtyTrac, the months of January-March recorded foreclosure filings on 442,117 properties, down 12 percent from the last quarter of 2012 and 23 percent from the first quarter of 2012. Filings include default notices, scheduled auctions and bank repossessions.
On the other hand, foreclosures are higher in some local markets where they had been delayed by prevention efforts, and the average time to foreclose has increased to 477 days nationwide, according to Daren Blomquist, vice president of RealtyTrac.
Although foreclosure starts increased nationally by 2 percent from February to March, the total -- 73,113 -- was still 28 percent lower than a year ago. And bank repossessions were at their lowest since September 2007: 43,597 nationwide in March.
Illinois ranked third among the states with the highest foreclosure rates in the first quarter of 2013. The state’s foreclosure activity declined 2 percent from the end of 2012, but one in every 147 housing units was in foreclosure. Rockford (No. 6) and Chicago (No. 9) were in the top 10 cities.
By contrast, one in every 581 homes in Missouri had a foreclosure filing during the first quarter of 2013. The foreclosure rate in Missouri dropped 16 percent from the last quarter of 2012.
To read the entire report, click here.
