First Quarter Foreclosures at Three-Year Low

Irvine, CA, April 14, 2011 -- Foreclosure filings in the U.S. fell in the first quarter to the lowest level in three years, according to tracking firm 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.

Delays from the documentation scandal accounted for the low number, the firm said.

Seven states had record year-over-year declines in filings during the first quarter.

One in every 191 U.S. households received a foreclosure notice in the first quarter, RealtyTrac said.

Default notices fell 17 percent from the previous three months and 35 percent from a year earlier, while auction notices dropped 19 percent and 27 percent, respectively.

The number of homes seized by lenders totaled 215,046, a decline of 6 percent from the fourth quarter and 17 percent from the first three months of 2010.