Slightly encouraging news from our neighbours south of the border. May showed that the number of foreclosures filed had decreased by 3 per cent compared to April’s figures.

Topping the list for the 41st month in a row is Nevada where one in every 79 houses received a foreclosure filing, followed by Arizona (one in every 169 households), Florida (one/174), California (one/186), Michigan, Georgia, Idaho, Illinois, Utah and Maryland.

According to the U.S. Foreclosure Market Report released by California-based RealtyTrac, a total of 322,920 houses received filing in May, meaning that one in every 400 houses received an auction notice. Compared to April, where a total of 333,837 households received auction notice.

Though the filings have exceeded 300,000 for the 15th straight month, the foreclosure rate has receded over the past few months.

“The numbers in May continued and confirmed the trends we noticed in April: overall foreclosure activity is leveling off while lenders work through the backlog of distressed properties that have built up over the past 20 months,” stated James J. Saccacio, chief executive officer of RealtyTrac.

Despite the overall unemployment rate declining, from 9.9 per cent in April to 9.7 per cent in May, the fall was mainly through so-called “discouraged workers” leaving the job market. And while the headline figure of a net 431,000 jobs created during May looks like solid growth, the vast bulk of those jobs came from temporary hiring related to the US census, which alone added 411,000 jobs.

We are yet to see a longterm US employment recovery which will have the obvious positive repercussions on the US housing market. At the moment, it’s still very weak but oak trees do grow from acorns.

Interesting stats as ad revenue rockets.

7.5% Year-Over-Year Increase a Bright Spot in Marketing & Advertising Media

Internet advertising revenues in the U.S. hit $5.9 billion for the first quarter of 2010, representing a 7.5 per cent increase over the same period in 2009, according to the numbers released on May 14th by the Interactive Advertising Bureau (IAB) and PricewaterhouseCoopers (PwC). This marks the highest first-quarter revenue level ever for the industry.

“The year-over-year growth we are seeing reflects marketers’ confidence in the value and effectiveness of interactive advertising,” said Randall Rothenberg, President and CEO of the IAB. “The Internet, together with explosive technological innovation in devices and platforms, has transformed consumers’ lives, giving them access to entertainment and information however, whenever, and wherever they want it. That’s why the vibrant interactive advertising and marketing industry lends major fuel to the U.S. economy.”

“We are seeing continued signs of an improved economy and interactive advertising market,” said David Silverman, PwC Assurance partner. “The media industry – like the economy as a whole – saw tremendous challenges this past year, and uncertainty about the recovery remains. However, entering 2010 with such strong Q1 revenues is a sign of the health and vitality of online media, and of marketers’ continuing investment in interactive as a cornerstone of their advertising campaigns.”

Source: IAB/USA, 13 May 2010

Written by Toby Barlow last year for the New York Times – an interesting observation of the state of the real estate market in Detroit and how people are snapping up derelict homes for $100. Remember though, that you get what you pay for, and before you charter a flight to Wayne County Airport, perhaps a little research into Detriot’s inner city neighbourhoods wouldn’t go amiss. For some though, one man’s trash is another man’s treasure.