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Posted at 11:35 AM ET, 04/12/2012

In case you missed it: DC Design House, lowest foreclosure level since 2007

The fifth annual DC Design House, a seven-bedroom, seven-bath Spring Valley home that’s been revamped by 23 local designers, opens this Saturday. The Post’s Jura Koncius and Terri Sapienza have prepared a photo gallery of the results:

They also have an individual breakdown of each room here.

In other news, foreclosure filings fell during the first quarter of 2012 to their lowest levels since the housing market began its collapse nearly five years ago, according to new data from the firm RealtyTrac, reports Brady Dennis:

The numbers show that, in March, foreclosures were filed on just fewer than 199,000 properties, a 17 percent decrease from a year earlier and the first time the monthly total has dipped below 200,000 since July 2007.

Thousands of foreclosures are put on hold: Flashback: Last year, some mortgage lenders and government officials took action after discovering that many mortgage documents were mishandled.

While there have been recent signs of renewed life in the nation’s housing market, the declining number of foreclosure filings might not be as encouraging as the data might suggest.

“The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated,” RealtyTrac chief executive Brandon Moore said in a statement. “The dam may not burst in the next 30 to 45 days, but it will eventually burst.”

A coming flood of foreclosures is expected in part because some states — such as Florida, California and New York — have a long backlog. It sometimes can take three years to complete the foreclosure process.

By  |  11:35 AM ET, 04/12/2012

 
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