22 Apr U.S. Foreclosure Activity at Lowest Level Since July 2006
Realty Trac recently released its U.S. Foreclosure Market Report for February 2015, which shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 101,938 U.S. properties in February, a decrease of 4 percent from revised January numbers and down 9 percent from a year ago to the lowest level since July 2006. The report also shows a U.S. foreclosure rate of one in every 1,295 housing units with a foreclosure filing in February.
“Given that August 2006 was the peak of the housing bubble, this eight-and-a-half year low in foreclosure activity is a significant milestone and a sign that nationwide foreclosure activity is on track to return to historic norms this year – and is possibly even headed below historic norms given the skinny-jeans-tight lending standards over the past five years,” says Daren Blomquist, a vice president at RealtyTrac. “In markets where foreclosures were processed more efficiently we are seeing foreclosure numbers now below pre-crisis levels in some cases. Conversely, the cleanup or deferred distress is continuing in markets where a logjam of in-limbo foreclosures is still lingering from the housing crisis – as evidenced by rebounding foreclosure activity in those markets.”
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