Foreclosure activity hits lowest level since before housing bust

by Ryan Smith17 Jul 2014
Foreclosure activity hit its lowest level in eight years in June, according to data released today.

According to housing analytics firm RealtyTrac, the number of US properties with foreclosure filings in the first half of 2014 dropped 19% from the previous six months and 23% from the first half of 2013. June foreclosure activity was down 2% from the previous month, hitting its lowest level since July 2006, before the housing meltdown.

“Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006,” said Daren Blomquist, vice president at RealtyTrac. “Over the next six to nine months nationwide foreclosure numbers should start to flat line at consistently historically normal levels.
“There continue to be concerning trends in some states and local markets that clearly indicate those markets are not completely out of the woods when it comes to the lingering foreclosure problem left over from the housing bust,” Blomquist continued. “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.”

Only nine states saw an increase in foreclosure activity in the first half of 2014. New Jersey saw the biggest rise with a spike of 54%, followed by Maryland (up 18%), Iowa (up 10%), Massachusetts (up 4%) and Connecticut (up 4%).
Florida had the highest foreclosure rate, with one in 74 homes with a foreclosure filing, followed by Maryland (one in 107), Illinois (one in 123), New Jersey (one in 134) and Nevada (one in 138).


Should CFPB have more supervision over credit agencies?