According to RealtyTrac, the number of foreclosures hit a three year low as the number of foreclosure notices filed during the first quarter of 2011 plummeted 27% compared to the first quarter of 2010.
In the first quarter, 681,000 homes with loans got a default notice and 215,046 lost their homes.
“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James Saccacio, RealtyTrac’s CEO.
The housing sector is currently hobbling along and many people are looking for and even clinging to any sign of a turnaround, but this not one of those signs. The universally acknowledged reason for the drop in foreclosure filings is that banks are attempting to actually process foreclosure paperwork rather than processing via robosigners, or holding off altogether.
So hold off on the balloons and streamers- the day will come but we’re not there yet.