The Joplin Globe, Joplin, MO

Business

May 17, 2012

Foreclosure activity sinks to a five-year low

LOS ANGELES — Foreclosure activity in the United States fell last month to its lowest level since the start of the credit crisis in 2007, driven largely by drops in states such as California, where the process occurs outside of the courtroom.

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were logged on 18,780 homes, according to RealtyTrac. That was a drop of 5 percent from the prior month and a 14 percent decline from April 2011. One in every 698 U.S. housing units had a foreclosure filing during the month.

States where a court order is not needed to take back a home appear to be bouncing back faster than those that need one.

The so-called non-judicial states such as California, Arizona and Nevada collectively posted a 7 percent decline in foreclosure activity last month from the prior month and a 29 percent drop from the same month last year.

In states where a court order is needed to take back a home, states such as Florida, New York and New Jersey, foreclosure activity dropped 3 percent from the prior month but was up 15 percent from the same month a year earlier.

 

1
Text Only
Business
Poll

Do you plan on voting in the Aug. 5 elections being held in Missouri and Kansas?

Yes
No
     View Results
Facebook
Twitter Updates
Follow us on twitter
NDN Video
Renewed Violence Taking Toll on Gaza Residents 2 Americans Detained in North Korea Seek Help US Employers Add 209K Jobs, Rate 6.2 Pct House GOP Optimistic About New Border Bill Gaza Truce Unravels; Israel, Hamas Trade Blame Raw: Tunisia Closes Borders With Libya Four Rescued From Crashed Plane Couple Channel Grief Into Soldiers' Retreat WWI Aviation Still Alive at Aerodrome in NY Raw: Rescuers at Taiwan Explosion Scene Raw: Woman Who Faced Death Over Faith in N.H. Clinton Before 9-11: Could Have Killed Bin Laden Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction