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Home Foreclosures Just Hit Their Lowest Level Since 2006

Home Foreclosures Just Hit Their Lowest Level Since 2006
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Foreclosure proceedings in the US. housing market in February hit their lowest level since 2006, a real estate research firm said Thursday.

Foreclosure filings were reported on 101,938 U.S. properties in February, down 4 percent from January and 9 percent from a year ago, according to Irvine, California-based RealtyTrac.

The number is the lowest since the housing bubble's peak in July 2006 and is "a sign that nationwide foreclosure activity is on track to return to historic norms this year," RealtyTrac's Daren Blomquist said.

Despite the national decrease from a year ago, 24 states posted a year-over-year increase in overall foreclosure activity.

Massachusetts foreclosure actions rose 53 percent from a year ago, while actions in New York were up 19 percent.

Maryland posted the nation's highest foreclosure rate, with one in every 564 housing units with a foreclosure filing. That's followed by Nevada, with filings on one in 569 Nevada housing units, and Florida at one in 570 units.

Foreclosure filings counted by RealtyTrac include default notices, scheduled auctions and bank repossessions.

Image credit: Respres, Wikimedia

Posted-In: Daren Blomquist RealtyTracNews Econ #s Best of Benzinga


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