National Foreclosure Activity Down by 18.6 percent Since 2013

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Reuters Washington reported on Thursday, October 9, that foreclosure and delinquency rates have improved significantly since June 2006. Reuters analysts pointed out that fewer builds were claimed back by lenders, slowing the national foreclosure activity to an eight year low.

The primary foreclosure monitoring company in the nation, RealtyTrac, reveals a significant drop in foreclosure filings at national level; the number of reported evictions from properties is 106,866. The September dataset provides evidence for a decline in foreclosure filings by 8.6 percent as compared to August of 2014, which, in turn, was an 18.6 percent decrease compared to August of 2013.

The previous month followed a downward trend set 8 years ago. The dataset spans the number of foreclosed properties, homes reclaimed back by the bank (bank repossessions) and home auctions.

RealtyTrac vice president Daren Blomquist relates that September has seen a progressive slide in the number of properties repossessed by lenders; it is said that foreclosures fell to 2006 pre-housing collapse levels, thereby reaching an important milestone.

The number of properties reclaimed by the banks in September was 22,930, a drop by 13 percent as compared to August, and 48,399 auctions for bank owned houses were scheduled, a decline by 5.5 percent in comparison to the previous month.

Borrowers defaulting on their lenders were 8,840 as compared to 9,706 a month earlier, a drop of 9.8 percent.

 

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