Foreclosures down 16 percent from last year as housing market improves

May 6th, 2013

Foreclosure rates are down 16 percent from this time last year.

Foreclosure rates are down by 16 percent from March 2012, the Miami Association of Realtors reported, signaling continued improvement in the housing market. Across the U.S., 55,000 homes went through foreclosure last month, down 52 percent from peak foreclosure rates in 2010. As of May 2013, foreclosures in nearly every one of the top 100 metropolitan areas of the U.S. are down.

The five states with the lowest number of foreclosures over the last 12 months are South Dakota, Washington D.C., Hawaii, North Dakota and West Virginia.

With mortgage rates dropping to all time lows at the end of April and applications for mortgages up, a sense of optimism is rising around the housing industry. Increased interest in relocating and purchasing homes is being reflected in online activity, too. Miami, for example, is seeing increased desire for properties by local, national and international buyers, according to the Miami Herald.

Foreign consumers have been looking for properties all over the United States, with the most popular locations being Los Angeles and Miami – which is up from fourth place in February. This is good news for both buyers and sellers, as a competitive housing market is best for everyone involved in the buying process.