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Foreclosures are the Lowest Rate in Six Years

Good news in the foreclosure market, foreclosure filings dropped 5 percent in April from March. This decrease has been consistent nearly every month for the past year, with foreclosure filings down 23 percent from this time last year. RealtyTrac reports that Nationwide foreclosure activity has reached a 74-month low or the lowest point since February 2007.Foreclosure increases were a tipping point of the economic downturn, and now perhaps this news is another piece of evidence that the economy is finally turning around. This is also good news for potential investors who may be looking for a foreclosure home at a great price. Although foreclosure filings are decreasing, the auctions on former foreclosed homes are still going strong. Judicial foreclosure auctions rose 22 percent from March to April and were up 31 percent from year-ago levels.Daren Blomquist, vice president at RealtyTrac said, "Foreclosure starts have been increasing for several months in many of the judicial states, and now that increased volume is showing up in the second stage of the process: the public foreclosure auction."While foreclosure starts have fallen nationwide, 22 states are still seeing a rise in foreclosures over the previous month. According to nationwide averages, all foreclosures as of March represent 2.8 percent of all homes with a mortgage, that rate is down more than one percent, from 3.5 percent in February. Florida tops the charts of foreclosures with nearly 10 % of all homes up for foreclosure. Other top foreclosed states include New Jersey, New York, Maine, and Illinois.Some conflicting reports put California at the top of the charts, others do not. Recent Regulations took effect on January 1, which offered more protection for California homeowners. California has typically been in the high ranks of foreclosure filings of any state, but the new Homeowner Bill of Rights contributed to foreclosure filings dropping 62% in January."There's was a bum's rush to get people out of their homes before this law came into effect," said Bill Purdy, a real estate attorney in Soquel, Calif. But once 2013 began, filings in California dropped abruptly. This marked the first time since 2007 that California did not lead the country in foreclosure filings.The overall decrease in properties filing for foreclosure is encouraging to the market and economy across the country. Wyoming has the lowest foreclosures in the country with nearly .5% of all homes up for foreclosure. Other states in the bottom include Alaska, North Dakota, Nebraska and Montana, all who have less than 1% of mortgaged homes up for foreclosure.

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