USA: Foreclosures Drop to Lowest Rate in Five Years

Foreclosures Drop to Lowest Rate in Five YearsForeclosure filings on U.S. homes in September fell to their lowest level in five years, but some states are still seeing their foreclosures rise, a report from RealtyTrac said on Thursday.

The overall decrease put the combined number of reported default notices, scheduled auctions, and bank repossessions at 180,427 – the lowest total since July 2007. That’s also 7 percent less than August’ s foreclosure rate, and down 16 percent from September 2011.

“The five-year low, combined with the fact that the year-over-year decrease in foreclosures was in its twenty-fourth straight month, is evidence that we’re past the worst of foreclosure crisis,” said Daren Blomquist, vice president of RealtyTrac.

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