A total 2,304,941 foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,836,634 U.S. properties for all of 2012, the lowest yearly total since the market peaked in 2010. Last year’s total is 3 percent below 2011, when 1.9 million U.S. properties with foreclosure filings were counted, and represents a 36 percent drop from 2010’s tally of 2.9 million U.S. properties with foreclosure filings.
According to RealtyTrac’s Year-End 2012 U.S. Foreclosure Market Report ™, 1.39 percent of all U.S. housing units (one in every 72) had at least one foreclosure filing during the year. That is a significant decrease from the 2011 foreclosure rate, when 1.45 percent of all housing units had a foreclosure filing, and an even bigger decline in foreclosure rate from 2010, when 2.23 of all housing units had a foreclosure filing.
Other highlights from the report:
- Foreclosure activity increased in 25 states during the year (20 of them using the judicial foreclosure process), while activity decreased in the other 25 states (19 of which use the non-judicial foreclosure process).
- The highest state foreclosure rate in the country for the year was in Florida, where 3.11 percent of its housing units (one in every 32) received a foreclosure filing.
- On a monthly basis, foreclosure activity dropped 10 percent in December to the lowest level reported since April 2007.
- The average time to complete a foreclosure nationwide increased in the fourth quarter to a record-high 414 days.
- As of January 2013 a total 10.9 million U.S. homeowners were seriously underwater on their mortgages, representing 26 percent of all outstanding mortgages in the nation.
Click here to read the entire report.