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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.
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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.
