Is the Housing Recovery Still Hit or Miss?
The housing rebound has benefitted homeowners across the nation in recent years. With the assistance of higher prices and record-low interest rates, millions of Americans escaped underwater status to improve their household balance sheets. Nonetheless, the rebound is a hit or miss depending on location, as seen with the latest foreclosure figures.
Foreclosure activity is on the rise when compared on a monthly basis but still below levels seen from a year ago. Foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, jumped 8 percent in January from December, according to RealtyTrac. That was the biggest monthly increase since May 2012. One in every 1,058 U.S. housing units had a foreclosure filing last month.
Compared to January 2013, foreclosure filings were down 18 percent, marking the 40th consecutive month in which foreclosure activity declined on an annual basis. However, that was the smallest improvement on an annual basis since September 2012.