Foreclosure Market Report Shows Lowest Level Since 2007

IRVINE, Calif.—The March and first quarter of 2013 U.S. Foreclosure Market Reports were released by RealtyTrac and showed a decrease of one percent in March as well as the lowest quarter foreclosure levels since the second quarter of 2007. The foreclosure filings reported on 152,500 U.S. properties in March was also a drop from 23 percent in the first quarter of 2012.

Nationwide, there were a total of 73,113 foreclosure starts in March, which is down 28 percent from the same month in 2012. While 43, 597 properties nationwide were repossessed in March, this too represented a decrease of three percent from February and 21 percent from a year ago. A total of 34 states reported annual decreases in Real Estate Owned (REO) activity, including Oregon, Utah, Massachusetts, Michigan and Nevada.

Florida posted the highest state foreclosure rate in the first quarter of 2013 with a figure nearly three times the national average. The state had foreclosure filings for one in every 104 housing units, compared to the national average of one in every 296 housing units. Florida cities also accounted for seven of the ten highest metro foreclosure rates for the first quarter of 2013.

Find a complete list of the states and metro areas figures here. Also, details of the map and more information can be found here