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Foreclosure Filings Fall to Lowest in 6 Years

A new law knocked California out of the foreclosure top spot


foreclosureIn another sign that the U.S. housing market is improving, foreclosure-related filings dropped 28% in January, compared to the same period last year.

RealtyTrac said on Thursday that bank repossessions, defaults, auctions and other foreclosure filings fell to 150,864 last month. That was down 7% compared to December, and marked the lowest level of such activity since since April 2007, CNNMoney noted.

Woman Caught Renting Out Neighbor’s Foreclosed Home
Woman Caught Renting Out Neighbor’s Foreclosed Home

New foreclosure filings in California nosedived 62% last month, largely because of new state legislation. That marked the first time in six years that California didn’t produce the most foreclosure filings in the nation.

Overall, new filings across the U.S. dropped to a level not seen since June 2006.

Homebuilders moved higher in Thursday morning trading. Shares of Toll Brothers (NYSE:TOL), Ryland Group (NYSEL:RYL) and D.R. Horton (NYSE:DHI) all advanced fractionally.

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