Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Heraldnet.com

The top local business stories in your email

Contact Us:

Josh O'Connor
Publisher
Phone: 425-339-3007
joconnor@heraldnet.com

Jody Knoblich
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049
jknoblich@heraldnet.com

Jim Davis
Editor
Phone: 425-339-3097
jdavis@heraldnet.com

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

New jobless claim hit 4-year low

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
Los Angeles Times
Published:
WASHINGTON -- Foreclosure filings fell in September to their lowest level in more than five years as a housing market rebound showed another sign of taking hold.
Substantial decreases in some states hard-hit by the collapse of the housing bubble helped reduce filings to 180,427 last month, down 7 percent from August and 16 percent from a year earlier, according to foreclosure listing firm RealtyTrac.
The last time filings were that low was in July 2007.
Filings for the three-month period ending in September also were the lowest since the fourth quarter of 2007. RealtyTrac said there were 531,576 filings in the period, down 5 percent from the second quarter and 13 percent year-over-year, the ninth-straight quarter with an annual decrease.
"We've been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market -- at least at a national level," said Daren Blomquist, vice president at RealtyTrac.
"Make no mistake, however, the other shoe is dropping quite loudly in certain states, primarily those where foreclosure activity was held back the most last year," he said.
Those states, where a court order is required for foreclosure, include Florida, Illinois, Ohio, New Jersey and New York. They saw substantial increases in year-over-year foreclosure filings after complaints about robo-signing and other problems led to a slowdown last year, RealtyTrac said.
"A backlog of delayed foreclosures will likely build up in those states as lenders adjust to the new rules, with many of those delayed foreclosures eventually hitting down the road," Blomquist said.
But states where no court order is required for foreclosure saw their activity fall. Of the 24 so-called non-judicial foreclosure states, 20 reported a decrease in the third quarter compared to the previous year, led by Nevada, which was down 71 percent.
Much of the improvement for the third quarter came because of steep drops in filings in September, RealtyTrac said. California's filings dropped 45 percent last month compared with a year earlier, while Arizona was down 34 percent, Michigan 22 percent and Georgia 21 percent.

MORE HBJ HEADLINES

CALENDAR

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus