Homes in Foreclosure Hit 6-year Low

January 21, 2014 Posted by kingcade

Foreclosures are on the decline, according to the latest evidence from RealtyTrac. The U.S. housing market continues to emerge from a deep slump, aided by rising home prices, steady job growth and fewer bad loans. More homeowners are keeping up with their mortgage payments, leading fewer homes to enter the foreclosure pipeline.

Foreclosures totaled 747,728 last year, which is down 33 percent from a year earlier and is the lowest annual level since 2006. As of December, more than 1.2 million properties nationwide were in some stage of the foreclosure process or owned by banks, but not yet sold. That is a decline of 19 percent from a year earlier and 44 percent below their peak of more than 2.2 million homes in December 2010, Realty Trac said.

Florida continues to remain the nation’s foreclosure hotbed and had 306,018 homes in some stage of foreclosure or owned by banks in December. That amounts to a quarter of the national total.

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