WASHINGTON (6/20/14)--Foreclosure filings dropped by 5.2% in May, the second straight month of decline and a new post-recession low, according to RealtyTrac numbers (Economy.com June 19).
Starts, lender repossessions and scheduled auctions--the three types of foreclosure activities--all fell in May, led by states that benefit from foreclosure processes that take less time to complete, according to Moody's analysts.
"The number of households becoming delinquent on their mortgages continues to decline as house prices trend higher and the labor market heals," said Brent Campbell, Moody's analyst (Economy.com). "Fewer homeowners find themselves underwater or unable to meet their monthly mortgage payments. Aside from the distressed properties that are still moving through the foreclosure process in the judicial states, foreclosure filings continue to broadly head lower."
Specifically, starts sank by 5.9%, foreclosure auctions fell 4.4% and bank repossessions slipped 5.6%.
Florida experienced the highest rate of foreclosures, Maryland placed second and Nevada came in third.
National foreclosure inventories, meanwhile, fell 2.8% in May, and sit 19% lower than levels seen last year at this time.
WASHINGTON (6/20/14)--The number of U.S. citizens seeking unemployment insurance continues to rest at a post-recession low, as initial jobless claims fell by 6,000 to 312,000 for the week ending June 14, the Labor Department reported Thursday (MarketWatch June 19).
Averaged over the month to smooth out any spikes, jobless claims slipped by 3,750, also near a post-housing-bust low.
Marisa Di Natale, a Moody's analyst, said that despite some choppiness over the past couple of weeks surrounding the Memorial Day holiday, jobless claims continue their downward path and are about as low as they have been since the recession ended (economy.com June 19). With the four-week moving average also dropping, this suggests that the pace of job growth, which has been above 200,000 in each of the last four months, held steady or improved slightly in June, Di Natale added.
Continuing claims, or those to receive unemployment benefits for at least a second straight week, fell by a seasonally adjusted 54,000 for the week that ended June 7.