“Foreclosure activity has been falling steadily for the past few years as the housing market recovers, but the latest reading shows it has hit a new milestone.
According to RealtyTrac, a foreclosure sales and analytics company, 107,194 U.S. properties had a foreclosure filing in June—the lowest level since July 2006, before the housing price bubble burst.
“Over the next six to nine months, nationwide, foreclosure numbers should start to flat line at consistently historically normal levels,” said RealtyTrac’s Daren Blomquist in a release.
Improvement, however, does not mean the level of distressed housing is back to normal; not by a long shot. There continues to be a wide discrepancy between states that require a judge in the foreclosure process and those that do not…..”