Foreclosures fall to lowest in 7 years: Report
U.S. foreclosure filings in February fell to the level in more than seven years, and dropped 10 percent from January, RealtyTrac reported Thursday.
According to the real estate information firm, there were 112,498 filings last month. The number, which includes default notices, auctions and repossessions, marks a 27 percent drop from the prior year. It's also the lowest since December 2006.
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The report also said there were 152,033 "zombie foreclosures"-owner-vacated homes. The figure nationwide remained flat compared to the third quarter of 2013 when the firm last reported on the number. Florida has the most in the country, followed by Illinois and New York .
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In a statement, RealtyTrac vice president Daren Blomquist said the biggest threat to foreclosures will be properties that have been lingering in the foreclosure process.
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"These properties drag down home values in the surrounding neighborhood and contribute to a climate of uncertainty and low inventory in local housing markets," he said.
-By CNBC.com.
