A slight blemish in the foreclosure situation recently occurred, as figures rose during May from April's levels. However, these were still notably lower than during the same period in 2012.
More than 148,000 units were in a state of foreclosure at the end of May, according to a report from RealtyTrac. This was 2 percent higher than April's level. Despite the decline month-over-month, it was still nearly 30 percent improved from one year earlier. For the month, there was one in every 885 homes that had some sort of foreclosure action.
"Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years," said Daren Blomquist, vice president at RealtyTrac.
While the foreclosure level increased slightly, this may be a temporary spike. Further declines in these figures may be positive for brokers and lenders, as it may signal more refinances and healthy loans. If an industry member does experience some issues regarding the ability to close faster, it could be a good idea to look toward Linear Title and Closing for closing solutions.
In states that have a non-judicial foreclosure process, there was a gain of 9 percent in foreclosure activity in May, the report explained. This level rose 13 percent for judicial process states.
Specific markets across country see further improvement in June
Even with a slight boost in the level of foreclosures, many metros across the country had positive housing conditions in recent months.
There was 263 markets in June on the Improving Market Index from the National Association of Home Builders. This figure was five markets higher than in May, and had representatives from nearly every state in the country. Any metro that has jobs, housing permits and prices all rise for six-straight months are considered to be improving.
"This is the fifth consecutive month in which the IMI has designated more than 70 percent of U.S. metros as improving," observed NAHB Chairman Rick Judson. "While that's a good sign that the housing recovery is on solid footing, we know that various challenges are slowing its progress – including continuing issues with credit availability for builders and buyers, as well as appraisals that aren't keeping up with the rising cost of construction."
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