National Foreclosure Nightmare Coming to an End?
The number of new foreclosure filings in August hit its lowest
level in nearly eight years, according to RealtyTrac, an online marketer of
foreclosed properties.
Soaring home prices and a big decline in underwater borrowers --
those who owe more on their mortgage loans than their homes are worth -- have
helped drive the trend.
August's initial foreclosure filings fell 44% to 55,575, just
below the 56,063 that were recorded in October 2005. The foreclosure crunch
began in summer 2006, at about the same time that housing prices hit their
peak.
"This is a strong indicator that the crisis is over,"
said Daren Blomquist, vice president at RealtyTrac. "The foreclosure
floodwaters have receded in most parts of the country, although lenders and
communities continue to clean up the damage left behind," he added.
The mopping-up
process continues, however. In August, for example, the number of homes
repossessed by lenders rose 6%, compared with July, to 39,277. But that still
represents a drop of 25% year-over-year, and is more than 60% below the peak of
repossessions in September, 2010.
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