Foreclosure Filings Fall To 8-Year Low

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In 2014, foreclosure filings – which include default notices, scheduled auctions, and bank repossessions – fell to their lowest annual level since 2006, according to RealtyTrac. That’s a 61 percent improvement since 2010, when they peaked at nearly 3 million for the year. Daren Blomquist, RealtyTrac’s vice president, said last year’s foreclosure numbers indicate that the market is close to finding a floor and stabilizing at a historically normal level. And though there’s been a recent uptick in the number of foreclosure starts on a month-to-month basis, analysts say it isn’t cause for concern. The regions that are seeing an increase in foreclosure activity are the same areas that still have a backlog due to processing problems. In other words, the number of distressed mortgages is not increasing despite the spike in activity. That means, the overall downward trend continues. In fact, RealtyTrac’s report found just one in every 118 housing units had at least one foreclosure filing in 2014, which is the first time since 2006 that the annual foreclosure rate has been below 1 percent of all housing units. More here.

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