Foreclosure starts fall to lowest level since 2005 [Video]
Posted on Monday, December 14, 2015 at 11:24:24 AM
On its road to recovery, the housing market will not be stopped. According to RealtyTrac, November foreclosure filings - including all default notices, bank repossessions and auctions - fell almost 10 percent from October to a total of 104,111. Only 1 in every 1,268 homes filed for foreclosure in November as homeowners stayed on top of their residential financing.
A 15 percent decline in foreclosure starts pushed filings off a cliff, as starts hit their lowest levels since May 2005.
"Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term even as foreclosure starts drop to new lows," said Daren Blomquist of RealtyTrac. "This also means the share of active foreclosures tied to bubble-era loans is shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008. While that is still a disproportionate share of active foreclosures, it continues to decrease from 61 percent earlier this year and 75 percent two years ago."
If falling foreclosure starts weren't enough, CoreLogic announced earlier this month that foreclosure inventory declined by 21.5 percent in October compared to one year before, while completed foreclosures tumbled 27.1 percent in the same period. Year-over-year, foreclosures dropped from 51,000 in October 2014 to 37,000 in October 2015.