The Real Deal New York

U.S. foreclosures at lowest level since 2007

January 16, 2014 02:07PM

U.S. foreclosure filings last year fell to a six-year low with 1.4 million total notices for auctions, defaults and repossessions.

One in every 96 U.S. households received at least one foreclosure notice in 2013, according to RealtyTrac. The number of foreclosures dropped by 26 percent from the previous year and by 53 percent from 2010.

Foreclosures dropped 28 percent in December year-over-year, demonstrating that property prices have made a return to form. Surprisingly though, New York state saw the third-largest foreclosure filings increase – 34 percent – behind Maryland and New Jersey last year.

“Banks are poised to liquidate their lingering inventory as the housing market improves,” Daren Blomquist, vice president of RealtyTrac, told Bloomberg News. [Bloomberg News]Mark Maurer