U.S. Foreclosures Drop 14% Over Past Year; Lowest Rate in 3 Years

While Europe has been getting all the headlines for much of the past eighteen months, market analysts contend that the ongoing weakness in the housing market continues to be a drag on the U.S. economy. However, there may be a small light at the end of the tunnel.

RealtyTrac reports that US foreclosures declined 14% on a year-over-year basis in November. Reuters reports that foreclosures fell to their lowest level in nearly three years.

The online marketplace reports that first-time foreclosure filings totaled 224K in November. This was a drop of -3% on a month-over-month basis.

Reuters notes that banks repossessed 56,124 homes in November, which was down 17% from October's total of 67,624 and was the lowest level since March 2008.

By state, Nevada, California, and Arizona had the highest rates for the month. By totals, California, Florida, and Michigan had the highest levels of foreclosure.

Reuters noted that Nevada retained the top spot in terms of state foreclosure rates for the 59th consecutive month, while Stockton, California had the highest rate for cities.

"We're still in that holding pattern where we're processing a fair amount of foreclosures, there still is shadow inventory out there that we have to contend with and there is uncertainty with the attorney-general settlements that is keeping us in this holding pattern," said RealtyTrac Chief Executive Jim Saccacio.

 

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