Foreclosures Drop Significantly

The overall health of the housing sector appears to be improving.  The foreclosure rate has been declining over the past few years and hit an 8-year low in June according to a RealtyTrac report citing 107,194 U.S. properties filed for foreclosure.  This was a 19% drop from the previous 6 months.

Daren Blomquist of RealtyTrac said, “Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006. Over the next six to nine months, nationwide, foreclosure numbers should start to flat line at consistently historically normal levels.”

While this is positive news it’s important to note that there is still an abundant amount of distressed inventory in the market.

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