RealtyTrac: Foreclosure activity down on monthly basis
Posted on Wednesday, December 17, 2014 at 8:01:08 AM
The overall trend for foreclosures in the U.S. has been positive over the past several years. Since the Great Recession, more homeowners have returned to stable ground, with many finding it much easier to make monthly residential financing payments.
That trend has continued, according to RealtyTrac. Foreclosure activity dropped by 9 percent from October 2014 to November 2014, and is down 1 percent on a year-over-year basis. However, the number of foreclosure starts is up from November 2013 to November 2014, with more than 55,000 reported this past month.
"The housing market is struggling to find the new normal when it comes to a tolerable level of foreclosure activity in this post-Great Recession economy," said Daren Blomquist, vice president at RealtyTrac. "Finding that new normal requires striking a balance between too much loan risk, which would result in another housing meltdown, and too little risk, which could result in a stunted recovery."
Another trend post-Great Recession involves home prices. According to Trulia, asking prices increased by 7.4 percent in November compared to the same time last year. Prices climbed faster in markets geared toward Generation X, baby boomers and seniors, not millennials.