US foreclosure filings hit 5-year low in September

By Qiong (June) Zhang32 Comments

http://seattletimes.com/html/businesstechnology/2019399511_apusforeclosurerates.html

U.S. foreclosure filings dropped to a five-year low in September as fewer homes were on track to be seized by lenders.

On a national level, overall foreclosure filings last month – including home repossessions – fell 7 percent from August and 16 percent from September 2011. There were 180,427 foreclosure filings reported for September, the fewest since July 2007 in the midst the housing market bust.

Foreclosure starts declined in September on an annual basis in 31 states, with the biggest drops in California, Arizona, Michigan, Georgia and Texas.

Of the 19 states in which foreclosure starts rose in September, those with the largest annual increases were New Jersey, Pennsylvania, New York, Washington state and Florida.

Between January and September, banks completed foreclosures on 505,585 homes. At that pace, the country is on track to end the year with about 675,000 completed foreclosures, down from around 800,000 last year, according to Daren Blomquist, a vice president at RealtyTrac.

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