FORECLOSURES LOWEST IN FIVE YEARS

WASHINGTON (Lubbock Avalanche-Journal, Real Estate Center) – U.S. foreclosures are down for the second consecutive month, reaching a five-year low.

According to RealtyTrac, there were 180,427 foreclosure filings across the country in September, down 7 percent from the previous month. That’s 16 percent lower than last September and the lowest number of filings nationally since July 2007.

Real Estate Center Research Economist Dr. Jim Gaines noted that the drop was driven primarily by declines in several large non-judicial foreclosure states, including California, Georgia, Texas, Arizona and Michigan. Texas was down 17 percent in September.

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