Activity of foreclosure to the bottom in most U.S. Metro

LOS ANGELES (AP) - most of the largest metropolitan areas of the country have a sharp drop in the activity of foreclosure that banks take more time to move against owners who are behind on their mortgage payments.In the first half of this year, 84% of metropolitan areas, with a population of at least 200,000 have seen their decline in rate of foreclosure from the same period last year, foreclosure listing firm RealtyTrac Inc., said Thursday.The company tracks notices for default values, auction home regular and repeated possession House - warnings which can lead to a House eventually disappearing foreclosure.Altogether, foreclosure activity decreased in 211 178 most major metropolitan areas of the country during the first six months of the year.The decline was due to delays in the process of foreclosure lenders work with foreclosure which appeared last fall any documentation problems. These problems have led to resubmit the paperwork on several properties which had been scheduled for foreclosure and leads to a series of investigations of the Government of the mortgage industry.Mortgage banks have also developed offshore to take action against borrowers newly offenders to loan modifications or other tactics to avoid foreclosure. Dull sales this year have provided little incentive for lenders to expel the owners and chance that sit empty, unsold property for months.A few potential seizure of $ 1.7 million are held, according to real estate firm CoreLogic.The foreclosure slowdown was most pronounced in the States where the courts plays a role in the process of foreclosure and now have to wade in deadlocked cases.20 Metropolitan areas that saw the annual decline more great activity of foreclosure are New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts and Illinois - all the States of foreclosure judicial, RealtyTrac.Syracuse, New York, led the decline, showing a decrease of 78 per cent of its rate of foreclosure over the period from January to June last year. The city's third foreclosure rates lowest among Metropolitan 211 in the report of the RealtyTrac. Despite the slowdown in the pace of foreclosures, many cities still have high rates of foreclosure.In California, Nevada and Arizona, among the most affected by the bust of housing and foreclosure crisis ensuing States account for the metropolitan areas of 10 with the highest rate of foreclosure for the first six months of the year.Paradise Las Vegas, Nevada, recorded the highest foreclosure rate in the nation, with one in each 19 homes receiving a notice associated with the foreclosure - almost six times the average national. But activity in the region Metropolitan foreclosure fell 17.9% in the first six months of last year.The metropolitan area of Phoenix-Mesa-Scottsdale, Arizona, finished second, with one in 28 households receiving a warning from foreclosure, even while Foreclosure activity fell by 17% in the same period of 2010.California is home to seven metro areas were among the top 10 metropolitan areas with the highest foreclosure rate in the first half of the yearled by Modesto with one in every 30 households receiving a notice associated with the foreclosure.Backwash, some metropolitan areas have seen their peak rate of foreclosure in the first six months of this year.These include Seattle posted the sharpest increase, a jump of 10 per cent over the same period last year, RealtyTrac said. One in each 98 households received a foreclosure-related notice.Loss of employment, rather than mortgage loans of bomb time reset to higher payments, have become the main driver behind the increase in seizures.The Seattle metropolitan area unemployment rate amounted to 9.2 earlier this year, but it has eased in the end, sliding to 8.5% in May.Still, the region has seen the number of persons who have requested increased layoffs unemployment benefits on a large scale this year. In the first quarter, he is ranked 8th most top on the initial basis of unemployment claimants because of layoffs, up to 15 a year earlier. "The gap between the loss of employment and foreclosure is a little longer that in a normal cycle, said Rick sharga, senior vice President at RealtyTrac. "We might be see an impact of loss of jobs in the last year or two."