Good Sign: Home Foreclosures at a Six-Year Low

Even the number of homes considered underwater are lower than a year ago.

Here’s some good news for the economy: Home foreclosures fell to a six-year low last month, indicating the rebound in the housing market is for real, reports Reuters.

According to a report released Thursday by RealtyTrac, foreclosure activity in April was seen on 144,790 properties. That’s down 5 percent from March, and down 23 percent from last year. And it’s the lowest level since February 2007.

RealtyTrac’s report also accounts for default notices, scheduled auctions, and bank repossessions. The number of homes considered underwater – the mortgage is worth at least 25 percent more than the home’s value — fell 11.3 million at the beginning of May. That’s down from 12.8 million homes in May of last year.

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