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RealtyTrac: U.S. Forclosures Hit an 8 Year Low

“Foreclosure activity across the United States dropped toan eight-year low in May as banks reclaimed fewer homes and foreclosure startssaw their lowest levels in years, RealtyTrac said in a report on Tuesday.

RealtyTrac, which tracks and maintains housing market data, said 109,824 properties across the country were at some stage of the foreclosure process in May. That marked a 5 percent decline from April and left foreclosure activity—foreclosure notices, scheduled auctions and bank repossessions—26 percent below the year-ago level.

May was the 44th consecutive month foreclosure activity was down on an annual basis, a sign of the housing market’s steady progress toward recovery.

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“This is showing that foreclosures are fading further into the rear-view mirror …”

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