U.S. Foreclosure Filings Drop 34% as Property Prices Rise

[Purveyor]

Source: Bloomberg

By Dan Levy - Sep 12, 2013

Foreclosure filings fell 34 percent in the U.S. last month as first-time defaults dropped to the lowest level in almost eight years and rising home prices made it easier for distressed owners to sell, RealtyTrac said.

Default, auction and repossession filings totaled 128,560 in August, with one in 1,019 U.S. households receiving a notice, the Irvine, California-based data seller said today in a report. It was the 35th consecutive month in which total notices declined on an annual basis, with foreclosure starts plunging 44 percent, RealtyTrac said.

“The foreclosure floodwaters have receded in most parts of the country, but lenders and communities continue to clean up the damage left behind,” RealtyTrac Vice President Daren Blomquist said in the report.

Increasing buyer demand and climbing property values are helping some troubled borrowers refinance or sell rather than lose their homes to foreclosure. The S&P/Case-Shiller index of property values in 20 cities rose 12.1 percent in June from a year earlier. Last month, foreclosure starts totaled 55,775, the lowest since December 2005, and fell on a year-over-year basis in 38 states, RealtyTrac said.

Read more: http://www.bloomberg.com/news/2013-09-12/u-s-foreclosure-filings-drop-34-as-property-prices-rise.html

[AnotherMcIntosh]

1. When fewer troops were being killed at the Little Big Horn, that did not mean they were winning.

[jtuck004]

3. ^^^^^^^^^^^^^^^^^In a rancid nutshell, there it is^^^^^^^^^^^^

10 million families yanked out of their homes by criminals, criminals who have been propped up by 2 administrations full of excuses about how it is "good" for us to support the assets of the wealthy at the expense of everyone else...

...
We continue to hear that people are rushing out of their homes bursting out of the front door with suitcases of pre-approvals but that is clearly not the case. The housing “recovery” is being driven by investor buying. There is no denying that.
...

Here.

Housing sales are at levels seen around 1990, yet we have over 60 million more people. Ironically, the investors, i.e. really large companies and others who would be better off buying at lower prices are driving the prices up with their purchases of their "investments", while McJobs continue to replace jobs that used to pay living wages so that families have less to buy with. One of the largest of the single-family property owner landlord businesses (American Homes For Rent) recently announced a $14 million loss and layoffs of their employees...it's a recipe for another fall, but we are running out of sticks to prop it all up with, I think.



Interesting article on how we are becoming a nation of renters, Here. I can't see how becoming a nation of nomads bodes well for our future...

Thank you for posting this.

[AnotherMcIntosh]

5. It's good to see the chart and the links. Thanks.

[paulrandfu]

2. Great news for wall street banksters

but doesn't do much for the increasing number of Americans living in poverty, but then their not too big to fail.

[JoePhilly]

4. Didn't take long for some one to come along and explain why

this positive news, is actually a really terrible thing.