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Foreclosur​e Filings Drop To 7-Year Low

March 17th, 2014 | Written by | 1 Comment »

ForeclosureForeclosure filings – including default notices, scheduled auctions, and bank repossessions – dropped 10 percent in February and were down 27 percent from one year earlier, according to RealtyTrac’s most recent U.S. Foreclosure Market Report. The decline brought foreclosure activity to its lowest level since December 2006. Daren Blomquist, vice president of RealtyTrac, said cold weather and a short month contributed to the drop in foreclosure activity in February but the reality is that new activity is no longer the biggest threat to the housing market when it comes to foreclosures. According to Blomquist, properties that have been lingering in the foreclosure process for years are now a bigger issue, as these properties are often left vacant with no one taking responsibility for maintenance and upkeep of the home. These homes bring down property values in their surrounding neighborhoods and contribute to low for-sale inventory in markets across the country.

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