The rate of foreclosures was down in 2015 compared to the previous five years. As a result, foreclosure inventory was down to its pre-recession level, meaning the backlog of foreclosures in the court systems are continuing to clear out at a substantial rate.
Nearly half the residential mortgage loans that were in foreclosure at the beginning of 2015 were either liquidated or returned to current status by the end of the year. Active foreclosures at the end of the year were less than a third of what it was during the peak of the housing market crisis, five years ago, according to a report released by the Black Knight Financial Services.
Approximately 880,000 residential mortgage loans were in active foreclosure at the beginning of 2015. Out of those, 484,000 were at least two years delinquent. By the end of the year, 47 percent of the total number of loans in active foreclosure had either returned to performing status or were liquidated. This is 1.5 percent higher than the previous year.
Active foreclosure inventory went from 880,000 at the beginning of the year to 689,000 at the end of the year. This is the first time the foreclosure rate has ended the year below 700,000 since 2006.
However, consumers are not out of the woods just yet. The remaining foreclosure volume was still two and a half times the “normal” level at the end of 2015, even with the declines.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.