U.S. Foreclosure Filings Drop 27% to Lowest Level in Three Years
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Foreclosure filings in the U.S. fell in the first quarter to the lowest level in three years as lenders worked through their backlog of flawed paperwork related to home seizures, according to RealtyTrac Inc.
A total of 681,153 U.S. properties received default, auction or repossession notices in the three months through March, down 15 percent from the fourth quarter and 27 percent from a year earlier, the Irvine, California-based data seller said today in a report. Delays from the documentation scandal accounted for the low tally, the smallest since the first quarter of 2008, RealtyTrac said.