Foreclosure filings fall 15 percent in Q1

The housing market saw fewer foreclosure filings during the first quarter, according to recent statistics from RealtyTrac.

The company's U.S. Foreclosure Market Report found the number of default notices, scheduled auctions and bank repossessions reported during the three-month period fell 15 percent from the numbers recorded during the fourth quarter of 2010.

While foreclosure filings climbed 7 percent from February to March, last month's numbers are still 35 percent lower than they were a year earlier.

James Saccacio, the chief executive officer of RealtyTrac said despite the drop in filings during the quarter, the nation's housing market continues to struggle. He says this is a result of weak demand, low home values and the an insufficient amount of available credit.

Many consumers who have had trouble keeping their finances afloat since the recession have had to deal with a foreclosure, which appears on their credit report and negatively affects their score. A recent FICO study says a consumer who has a credit score of 780 could see his or her three-digit number drop by 140 points if they endure a foreclosure.

For this reason, it's important individuals with mortgages check their credit reports regularly to ensure their payment history is up to date. Consumers who find an inaccurate foreclosure mark on their credit report or any type of credit reporting mistake may want to contact a credit repair attorney to help them investigate and dispute the items.