Scheduled non-judicial foreclosure auctions (NTS) in April were down 7% from March and down 43% from April 2012 to the lowest level since December 2005 -- an 88-month low.
Lenders repossessed 34,997 U.S. properties in April, down 20% from March and down 32% from April 2012 to the lowest level since July 2007 -- a 69-month low.
While the spike in foreclosure activity in some states suggest that we are still dealing with the pain of the housing crisis, foreclosures are no longer considered a threat to the housing market.
In fact, given the shortage of housing inventory in some states, foreclosures might provide some supply to meet the growing demand for homes.
-- Written by Shanthi Bharatwaj in New York. >Contact by Email. Follow @shavenk