A sure-fire sign of an improving real estate market is the fall of foreclosure activity, and luckily those trends are down throughout the nation for the eighth consecutive month, according to RealtyTrac‘s newly released data.
Monitoring foreclosure activity throughout the nation down to a city level, the data showed that foreclosure activity is below 2006 average monthly levels.
However, not all states are measuring equally. RealtyTrac reported 18 states and the District of Columbia posted a year-over-year increase in foreclosures. The highest foreclosure rates were seen in Delaware, Florida, Nevada, Maryland and New Jersey.
A few metro areas witnessed gains in foreclosure activity as well, including Rockford, Illinois; Trenton, New Jersey; Tuscon, Arizona and St. Petersburg, Florida.
The Los Angeles real estate market is picking itself out of foreclosures at a steady and stable pace, according to the report. Both counties RealtyTrac reported on, Los Angeles and Orange counties, posted falling foreclosure activity on a monthly and annual basis.
When combined, the Los Angeles-Long Beach-Anaheim metro area saw a 6.48 percent dip in foreclosures month-over-month and a 22.30 percent fall since May 2015. A total of 2,672 homes were reported in the foreclosure process or under foreclosure in the L.A. metro area, which is one in every 1,692 homes.
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In Los Angeles County, specifically, May 2016 saw a 22.92 percent fall in foreclosure activity over last year. The county’s foreclosure activity dipped 5.19 percent month-over-month.
On a monthly basis, Orange County saw a fairly bigger dip in foreclosure activity, at 11.09 percent. Things were a bit slower moving than L.A. County on an annual basis, but not by much. Foreclosures fell 19.86 percent in Orange County year-over-year.
