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RealtyTrac: Foreclosures at Lowest Level Since 2005

by Peter Thomas Ricci

Foreclosure starts were down by a hefty amount in June, according to the Midyear 2013 U.S. Foreclosure Market Report from RealtyTrac.

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Foreclosures in the U.S. were down to their lowest level since 2005 in June, falling 21 percent from May and 45 percent from June 2012, according to the Midyear 2013 U.S. Foreclosure Market Report from research firm RealtyTrac.

In addition, both foreclosure filings and bank repossessions showed progress in the report, which analyzed the U.S. foreclosure markets for the first six months of this year.

Here in Houston and Texas, the foreclosure markets only continued to improve beyond their already promising numbers. Foreclosure filings in Houston were down 15 percent from May to June, and a whopping 57 percent from June 2013; meanwhile, filings were down 17 percent in Texas on a monthly basis, and 50 percent on a yearly basis.

Also worth noting are foreclosure timelines in the Lone Star State, which continue to be among the best in the nation. On average, it takes 209 days to foreclosure a home in Texas; for relativity’s sake, that’s roughly a fifth of the time it takes to foreclose a home in New York and New Jersey, where it takes, on average, 1,033 days!

Interested in how Houston compares with the rest of the nation? Check out our infographic below:

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