Foreclosures Down in September, Hit 5-Year Low

The latest foreclosure numbers are out, and the month of September showed the lowest rate of foreclosures since July 2007. It was the second month in a row that the numbers were down, following three months of increases. Year-over-year numbers for September showed a 16% drop, with the biggest declines in the states hardest hit by the housing crisis – California, Arizona, Michigan, Georgia, and Texas. The biggest declines came in states where the courts don’t play a big role in the process because there was not a big backup of pending cases. In the 19 states where the courts must sign off on foreclosures, the number of foreclosure starts actually rose. Overall, the number of foreclosures is expected to slow, aside from individual state variances in how foreclosures are handled. Florida remains the state with the highest number of foreclosed homes, with one out of every 117 in some state of foreclosure.

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