Foreclosures Fall Substantially in First Half

Irvine, CA, July 28, 2011 -- Foreclosure activity decreased substantially in the first half of the year, thanks to a glut of already foreclosed properties and a moratorium on new foreclosure filings, according to RealtyTrac.

The mid-year report by RealtyTrac said that 84% of the 211 metropolitan areas with a population of 200,000 or more posted lower foreclosure activity in the first half of 2011 compared to the first half of 2010.

The report also showed that 10 metro areas with the highest foreclosure rates in the first half of the year posted decreasing foreclosure activity compared to the first half of 2010.

"Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used," said James J. Saccacio, chief executive officer of RealtyTrac.

"These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings -- and sometimes by both."