Foreclosure rate in America at lowest rate since 2007

Thursday, October 11, 2012 - 3:49pm

The number of Americans filing for foreclosure dropped to the lowest level since 2007. The data comes from realty-trac a website that monitors foreclosures. Economist Lawrence Yun says its another sign that the worst is over for the housing market.18 states actually had increases in third quarter foreclosure filings compared to last year. The most drastic- New Jersey, New York Indiana and Pennsylvania.

 Also troubling is that several states such as California and North Carolina saw increases in unemployment filings last week according to the Department Of Labor. Nationally, however, the number of people seeking unemployment aid plummeted to the lowest level since early 2008.  The trend could positively impact the housing market. The unemployment rates do affect the ability of people to own houses.  Signs of some solid ground in a still shaky economy.  The reduction in unemployment filings was largely attributed to fewer manufacturing lay offs. Just last week the unemployment rate also fell, reaching below 8 percent for the first time in years.


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