In 14 of the top 20 of the nations metropolitan areas foreclosures fell in the first quarter of 2010 compared to the first quarter of 2009. Declines in several big metropolitan areas showed government efforts slowed foreclosures.
According to RealtyTrac's quarterly report, out of the top 20 main metropolitan foreclosure areas that had declines, California accounted for 10 with Florida having seven, Nevada with two and Arizona with one. Foreclosure activity decreased on a year-over-year basis in eight out of the 10 largest metro areas in the country.
Decreasing foreclosure activity in some of the nation's top foreclosure hot spots was largely a result of the government's intervention along with other non-market influences. In part, a federal government program designed to promote short sales, started April 5th, could have caused delays in the initiation of some foreclosures.
Foreclosures are one of the biggest threats to the nations housing market recovery and improving the housing market does directly help with the U.S. economy.