Us foreclosure filings drop 14pc year-on-year

US foreclosure filings declined last month according to a national data company as mortgage providers delayed evictions over the holiday period.

Data supplier RealtyTrac said that 224,394 properties received default notices in November, down 14% year-on-year. On a monthly basis, one in 579 US households were filed in November compared to one in 563 in October.

The fall in foreclosure filings is partly the result of a holiday eviction moratorium imposed by mortgage companies Fannie Mae and Freddie Mac, according to RealtyTrac’s chief executive James J. Saccacio.

Despite the fall in filings the number of scheduled foreclosure auctions hit a nine-month high. Saccacio added: “[The] first quarter typically is a better buying season, so you’ll see more of this inventory try to come to market.”

Source: OPP.org.uk