Foreclosure activity in June was down 16 percent from a year
prior, marking the lowest level since July 2006 — before the housing bubble
burst — according to RealtyTrac's Midyear 2014 U.S. Foreclosure Market Report.
The report showed a much-improved picture: Foreclosure filings, which include
default notices, scheduled auctions, and bank repossessions, were down 19
percent in the first half of 2014 compared to the previous six months and 23
percent from year-ago levels.
Ten states in June reached their lowest level of
foreclosures since 2006, including Texas, Georgia, Colorado, Tennessee,
Arizona, and Nevada.
"Nationwide foreclosure activity in June reached an
important milestone, dropping to levels not seen since before the housing-price
bubble burst in August 2006," says Daren Blomquist, vice president at
RealtyTrac. "Over the next six to nine months, nationwide foreclosure
numbers should start to flatline at consistent historically normal
levels."
Not all states are out of the woods yet. For example, nine
states saw foreclosure activity rise during the first half of 2014 compared to
a year ago, such as New Jersey (up 54%); Maryland (up 18%); Iowa (up 10%);
Massachusetts (up 4%); and Connecticut (up 4%). The states with the highest
foreclosure rates in the first half of 2014 remained Florida, Maryland,
Illinois, New Jersey, and Nevada, according to the report.
"While it's important that any remaining foreclosure
infection is addressed promptly to keep it from festering, foreclosures are no
longer a widespread contagion threatening to derail the housing market's return
to full health," Blomquist says.
The metros with some of the largest decreases in foreclosure
activity in the first half of 2014 compared to a year ago included Chicago
(down 30%); Miami (down 30%); Houston (down 29%); Dallas (down 28%); and Los
Angeles (down 20%).
Report featured in Realtor Magazine
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