Foreclosure activity dropped nearly 19 percent in the Kansas City area and 22 percent in the St. Louis area in the third quarter compared with the same period a year ago — another positive sign for the housing market.
The quarterly foreclosure report released Wednesday by RealtyTrac follows recent local data that showed an increase in both home sales and prices, along with a boost in new-home construction.
RealtyTrac, a housing market research firm based in Irvine, Calif., reviewed third-quarter foreclosure actions in 212 metropolitan areas with populations of 200,000 or more.
According to the report, foreclosure activity decreased in 131 communities, or 61 percent, compared with the third quarter of 2011.
Twelve of the 20 largest metropolitan areas reported drops in foreclosures over the past year, led by San Francisco, Detroit, Los Angeles and Phoenix.