Foreclosures experience significant decline on yearly basis [VIDEO BLOG]
Posted on Monday, January 19, 2015 at 10:25:17 AM
Across the country, the foreclosed house is becoming an increasingly rare sight. More homeowners are handling residential financing costs and other related expenses, and as a result, default notices, auctions and bank repossessions are now less common.
According to RealtyTrac's Year-End 2014 U.S. Foreclosure Market Report, foreclosure filings were only reported on roughly 1.1 million properties in 2014. That is good for an 18 percent decline compared to the previous year, and a substantial 61 percent drop compared to 2010's peak of 2.8 million filings.
"The U.S. foreclosure numbers in 2014 show a foreclosure market that is close to finding a floor and stabilizing at a historically normal level," explained Daren Blomquist, vice president at RealtyTrac.
However, he added that foreclosure starts and scheduled auctions have climbed in a number of states, which means that this spring could be a particularly active time of year.
In addition, CoreLogic reported that the foreclosure rate declined in every state this past November, with only Washington, D.C. witnessing an increase.
Even so, Molly Boesel, CoreLogic's senior economist, noted that some state's foreclosure rates remain more than twice the national rate.