Foreclosure activity reached a 5-year low in September with only 180,427 filings made on distressed properties, according to RealtyTrac.
The filings surveyed include default notices, scheduled foreclosure auctions and bank repossessions.
Nationally a 13% drop from last year
Overall, September’s foreclosure numbers fell 7% from August and 16% from last year as more non-judicial foreclosure states moved through backlogs of foreclosure inventory.
“We’ve been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market — at least at a national level,” said Daren Blomquist, vice president at RealtyTrac.