American Foreclosure Rate Starts Downward in February
Don’t celebrate yet, but there are signs that the USA housing market is stabilizing.
According to a RealtyTrac foreclosure report, the America foreclosure rate is softening. The number of foreclosures in February was still higher year over year since February 2009. But the increase was the lowest in four years – just 6% since a year ago..
According to the RealtyTrac report 1 house in every 418 units in the country was the subject of either a default notice, a scheduled auction or a bank repossession. That is 10 percent better than in January when the number was 1 in every 409.
RealtyTrac CEO, James J. Saccacio said, “The 6 percent year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006… but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity.”
Saccacio said it was too early to call this the beginning of the end of the foreclosure crisis. The number of homes in limbo due to government programs and other delays makes the future hard to predict.
Six states were responsible for 62 percent of all foreclosures in the US. They were California (68,562), Florida (53,032), Michigan (20,028, Illinois (17,312), Arizona (16,718) and Texas (12,638).
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