(NEW YORK) -- Foreclosure activity fell to a three-year low in the first quarter of 2011, according to the latest report released Thursday by RealtyTrac.
According to the listing firm, there was a 15 percent quarterly decrease in foreclosure activity and a 27 percent decrease from the same time period last year.
RealtyTrac's Rick Sharga says, "Unfortunately we're expecting to see foreclosure numbers go back up again."
He says the drop is attributed to lenders still dealing with a backlog of pending foreclosure cases, adding "problems in the way foreclosures were actually processed over the last year or so, that are causing the lenders to have to redo thousands and thousands of foreclosures and slowing down new activity."
Foreclosure data for March suggests the activity may be starting to creep higher.
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