The level of foreclosure filings has reached the lowest level since the housing market declined in December 2006. The total of foreclosure filings, which includes bank repossessions and scheduled auctions, was 127,790 in June. The rate dropped 35% that month.
According to Daren Blomquist, a vice president of RealtyTrac, because the number of foreclosures has dropped so fast, the housing market could recover further by the end of 2013. He said, “Halfway through 2013 it’s becoming increasingly evident that foreclosures are no longer a problem nationally, [although]they continue to be a thorn in the side of several state and local markets.”
