Foreclosures see biggest monthly drop in three years

by Ryan Smith17 Dec 2013
Foreclosure filings were down nationwide in November, according to data released last week.

According to RealtyTrac’s U.S. Foreclosure Market Report, released Wednesday, foreclosure filings – default notices, scheduled auctions and bank repossessions – dropped 15% in November from October and 37% from November of 2012.

The decrease was the largest month-over-month drop since November of 2010, according to RealtyTrac.

“While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” said Daren Blomquist, vice president at RealtyTrac. “While foreclosures will likely continue to stage a weak rally in certain markets next year as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold.”

About 52,800 properties started the foreclosure process in November, a 10% decrease from October and down 32% from a year ago. Nationwide foreclosure starts were at their lowest level since 2005.

Some states did see foreclosure starts increase. Pennsylvania saw the biggest surge, with foreclosure starts up 233% from November of 2012. Other states with big year-over –year spikes in foreclosure starts included Delaware (up 104%), Maryland (up 74%), Oregon (up 38%) and Connecticut (up 37%).



Is TILA-RESPA a good or bad thing long term?