Foreclosure filings were reported on 610,337 properties – or one in every 213 housing units – during the third quarter, an increase of less than 1% from the previous quarter and a decrease of 34% from the third quarter of 2010, according to new data released by Irvine, Calif.-based RealtyTrac.
In September, foreclosure filings were reported on 214,855 properties, a 6% decrease from August and a 38% decrease from September 2010. According to RealtyTrac, September marked the 12th straight month where foreclosure activity decreased on a year-over-year basis.
Foreclosed properties in the third quarter took an average of 336 days to complete the foreclosure process, up from 318 days in the second quarter and the highest number of days going back to the first quarter of 2007. New York properties foreclosed in the third quarter took an average of 986 days to complete the foreclosure process, the longest of any state and a record high for New York. In comparison, Texas registered the shortest average foreclosure process of any state, at 86 days – down from 92 days in the second quarter, but still up from 53 days in the third quarter of 2007.
Nevada posted the nation's highest state foreclosure rate – one in every 44 housing units with a foreclosure filing in the third quarter.