Conditions in the United States continue to show signs of improvement with foreclosure activity declining in May.
According to RealtyTrac – a property research house – the number of foreclosures across the country dropped by 6 per cent over the month.
While the news was encouraging, the 321,480 properties which did receive foreclosure notices was still the third highest number on record.
The news of an improvement in foreclosures coincides with a 0.5 per cent improvement in retail figures in May.
Coupled with increased bank confidence and a decrease in the number of Americans filing for unemployment benefits last week, this buoyed Wall Street yesterday to a 2009 high.
The S&P 500 closed at 944.89 – its highest close this year.
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