The number of residential foreclosure filings in the U.S. declined by 9 percent from October to November despite a yearly spike in the number of foreclosure starts. According to RealtyTrac‘s U.S. Foreclosure Market Report for the month of November 2014 released on Thursday 112,498 foreclosure were filed, including default notices, scheduled auctions and bank repossessions reflecting a decrease of 9% from the previous month and down 1% from a year ago.
This marks the 50th consecutive month with a year-over-year decrease in overall foreclosure activity. The report also reflects that one in every 1,170 U.S. housing units with a foreclosure process were filed during the month.
Among the nation’s 20 largest metros, those with the five highest foreclosure rates were Miami (one in every 394 housing units with a foreclosure filing), Tampa (one in every 432 housing units), Baltimore (one in every 576 housing units), Philadelphia (one in every 625 housing units), Chicago (one in every 716 housing units) and Riverside-San Bernardino-Ontario in Southern California (one in every 725 housing units).
Existing home sales, excluding distressed sales, are the most encouraging stats at the moment. These, according to Trulia and the National Association of Realtors, were 80 percent back to normal in August.
Trulia’s Bubble Watch also showed that prices were 3.4 percent undervalued in the third quarter, which is a marked improvement over the 13.5 percent undervaluation at the worst of the housing bust. That means prices are three-fourths of the way back to normal.
Delinquency and foreclosure rates also were much improved. According to Trulia and Black Knight, the national delinquency and foreclosure rate was 74 percent back to normal in August, the same as one quarter ago and up from 56 percent one year ago. The decline in defaults and foreclosures has helped stabilize the financial system and hard-hit neighborhoods.