The Houston Business Journal announced Thursday that foreclosure rates are sharply down from last year. This is great news for the Houston area! Below is the article or you can read the original HERE.

Fewer U.S. homes began to undergo foreclosure or were seized by lenders last month, the Associated Press reported.

About 59,516 homes received a first default notice in July — a decrease of 7 percent from June and 39 percent from July 2010, foreclosure listing firm RealtyTrac Inc. said Thursday.

These notices, which are a first step in the foreclosure process, have fallen 58 percent since their peak in April 2009.

Homes up for auction also declined in July, and the number of homes seized by banks decreased 1 percent from June and 27 percent from July of last year.

The decrease, however, is not because the housing market is improving, but because of processing delays and banks’ slowing down in the foreclosure process, experts said.

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