Forecloses fall to lowest level in seven years, data

Forecloses fall to lowest level in seven years, dataIn an indicating that the housing market is gradually improving, the total foreclosures have fallen to their lowest level in seven years.

According to online marketer of foreclosed properties, RealtyTrac, the total number of foreclosure filings fell 15 per cent to a total of 113,454 properties in November. The foreclosure filings included default notices, auctions and bank repossessions. The fall is the biggest monthly fall in foreclosure filings since November 2010 as the level is lowest since December 2006. The report also showed that the total number of since December 2006 were 37 per cent lower than previous year.

Daren Blomquist, vice president at RealtyTrac, said in a statement that, "The depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed."

Experts have said that the economic conditions are rising and people are also trying hard to hold onto their homes as the housing prices rise in the country. It is believed that the housing market is recording strong recovery and it is unlikely that the number of foreclosure will rise in the coming future.