Improved conditions lead to fewer foreclosure starts
Posted on Tuesday, June 10, 2014 at 9:35:37 AM
Making monthly residential financing payments is a top priority for all homeowners across the country. Thankfully, an improving economy and several other fluctuating conditions have lead to fewer foreclosure starts in the U.S.
According to RealtyTrac's recent U.S. Foreclosure Market Report, foreclosure filings decreased by 5 percent from April to May and dropped 26 percent on a yearly basis. Overall foreclosure starts are also down to their lowest level since the end of 2005.
However, RealtyTrac reported that foreclosure activity is up and down depending on the state, thanks in part to the long process between the bank repossession and the sale.
"It's not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows," said Daren Blomquist, vice president at RealtyTrac.
In addition, Lawrence Summers, the former U.S. Secretary of the Treasury, spoke at the International Economic Forum of the Americas and explained more work needs to be done for the U.S. economy to completely recover from the recent financial crisis, according to Kitco News. While gains have been substantial, problems still exist that could pose a problem for the country.