Foreclosure rate drops in first half of 2011; shadow inventory builds

RealtyTrac released their Midyear 2011 foreclosure report this morning showing a total of 1,170,402 U.S. properties received foreclosure filings (default notices, scheduled foreclosures and bank REO’s) in the first six months of 2011, a 25 percent decrease from the prior six months and a 29 percent decrease from the first half of 2010.

“Processing and procedural delays are pushing foreclosures further and further out — we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”

St. Louis Area Foreclosures for Sale:

If you are interested in buying a foreclosure, click on the appropriate link below to see what is currently available in the St. Louis area:

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