Good news for the U-S housing market: foreclosure filings just hit a five-year low. Those filings include default notices, bank repossession, and scheduled auctions. Just over 180-thousand such filings were reported on properties, last month -- the lowest number since September 2007.
In a report released Thursday by Realty-Trac, an online marketer of foreclosed properties, the number of filings fell 7-percent from August and 16-percent from September of last year. The decline in foreclosures has been especially steep lately in states like California and Texas. In those states, foreclosures are handled relatively quickly, because they don't go through the courts.