Foreclosure activity in the U.S. fell last month to its lowest level since the start of the credit crisis in 2007, driven largely by drops in states such as California, where the process occurs outside of the courtroom.
Foreclosure filings – default notices, scheduled auctions and bank repossessions – were logged on 18,780 homes, according to RealtyTrac. That was a drop of 5% from the prior month and a 14% decline from April 2011. One in every 698 U.S. housing units had a foreclosure filing during the month.
