RealtyTrac counts five types of filings. The most common are notices of default, scheduled auction and repossession. Foreclosure filings across the country last month were the lowest since December 2005, and decreased in 17 of the 20 largest cities from November 2012, according to the company.
Only three areas went against the trend. Filings increased 46 percent in the Baltimore region, 34 percent in Philadelphia and 5.8 percent in Washington D.C. Foreclosure starts fell 32 percent from a year earlier to 52,826, also the lowest in almost eight years. The number of homes that got an initial notice declined in 35 states. Fifteen states went the other way, led by Pennsylvania, which had an increase in starts of 233 percent; Delaware up 104 percent and Maryland, up 74 percent, RealtyTrac said.
Considering the fact that the surge in home foreclosures was the impetus for a number of government sponsored programs and acted as a significant influence for extending the original quantitative easing program, the improvement in the housing market can only be welcomed. The pace of Foreclosures has now almost returned to pre-credit crisis levels. This removes one of the reasons for maintaining such an accommodative monetary policy.Back to top