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The firm has predicted between 1 million and 1.2 million homes will be taken back by lenders this year, but that forecast may have to change if the pace of repossessions doesn't pick up in coming months. Lenders foreclosed on 215,046 properties during the quarter, between 60,000 and 90,000 short of the pace needed to achieve RealtyTrac's full-year forecast. Sharga expects that backed-up court calendars and the backlog of foreclosures lenders are working to process will continue to slow foreclosure activity overall for at least another quarter. That may provide some relief to the real estate market by limiting the number of new foreclosed homes being put up for sale. Foreclosures often sell at a steep discount, which can contribute to bring down the value of nearby homes. In all, some 681,153 homes received a foreclosure-related notice in the first quarter, down 15 percent from the fourth quarter and down 27 percent from a year earlier. That translates to one in every 191 U.S. households, RealtyTrac said. The firm tracks notices for defaults, scheduled home auctions and home repossessions
-- warnings that can lead up to a home eventually being lost to foreclosure. At a state level, Nevada registered the highest foreclosure rate in the nation, with one in every 35 households receiving a foreclosure notice in the first quarter. Arizona posted the second-highest foreclosure rate, thanks in part to a 26 percent spike in home repossessions. While California ranked third, with one in every 80 households receiving a foreclosure notice during the quarter. Declines in foreclosure activity in states like Florida helped boost Utah to the No. 4 spot, followed by Idaho. Rounding out the top 10 states with the highest foreclosure rate in the first quarter were: Georgia, Michigan, Florida, Colorado and Illinois.
[Associated
Press;
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