Foreclosures Hit Four-Year Low in 2011

Irvine, CA, Jan. 12, 2012 -- Foreclosure filings in the U.S. fell to a four-year low in 2011 as a slowdown in processing hit the market, according to tracking firm RealtyTrac.

Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, declined by 34 percent in 2011 to 1,887,777, the lowest level since 2007.

Bank seizures of homes fell to 804,423 from 1,050,500 in 2010, also marking the lowest level in four years.

RealtyTrack said that a dysfunctional foreclosure process in some states is bogging down the market and delaying a recovery.