Foreclosure Filings at Lowest Level Since ’07
Foreclosure filings, including bank repossessions (down nearly 50% compared to 2010), auctions and default notices dropped 7% compared month-to-month and have dropped 28% compared year-over-year. It’s the lowest foreclosure filings have been since April of 2007. In addition, new foreclosure filings are at their lowest level since 2006! It’s not all roses just yet, foreclosures still jumped in more than half of the U.S., including New Jersey, Pennsylvania and Florida.
According to a spokesman from RealtyTrac, the company who compiled the latest statistics, we are “well past the peak of the foreclosure crisis”. Foreclosure filings are still almost double what they were in 2005, just before the subprime crisis nearly destroyed the housing market.