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2015 Foreclosures Drop to Lowest Level Since 2006

March 7th, 2016 9:48 AM by Eileen Denhard

2015 Foreclosures Drop to Lowest Level Since 2006

The number of properties with foreclosure filings fell 3 percent from 2014 and 62 percent from the peak year of 2010. The RealtyTrac Year-End 2015 U.S. Foreclosure Market Report finds that nearly 1.1 million properties had a foreclosure filing last year, the lowest annual total since 2006, when there were 717,522 properties with foreclosure filings nationwide.

Foreclosure fillings in December also dropped 1 percent from the previous month and 9 percent from a year ago, which marks the third straight month of year-over-year increases, the report says. Foreclosure starts in December were down 30 percent compared to a year ago, and U.S. bank repossessions increased 65 percent from a year ago.

“In 2015 we saw a return to normal, healthy foreclosure activity in many markets even as banks continued to clean up some of the last vestiges of distress left over from the last housing crisis,” said Daren Blomquist, vice president at RealtyTrac. “The increase in bank repossessions that we saw for the year was evidence of this cleanup phase, which largely involves completing foreclosure on highly distressed, low value properties.”

Posted in:General
Posted by Eileen Denhard on March 7th, 2016 9:48 AM



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