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Foreclosures Nationwide Reach Lowest Rates in Six Years

mrisblog.com | December 15, 2013

By Tera

New data from foreclosure listing firm RealtyTrac Inc shows the number of U.S. homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not seen in more than six years, another sign that that the housing market is well on the path to recovery.

Lenders initiating foreclosure starts is the lowest since December 2005 while completed foreclosures sank to the lowest level since 2007. At their monthly pace, completed foreclosures are on track to be down 30 percent from last year.

While nationwide foreclosure rates are in decline, news for our area is mixed. Maryland is one of the top 10 states with the highest foreclosure rates, and one of 15 states that saw increased foreclosure starts in November. The state also saw the number of homes repossessed increase on an annual basis, although this is likely due to court mandated sign-offs on foreclosures that typically draws out the process longer than in other states.

Despite the higher-than-national-average rates for Maryland, news is overwhelmingly positive. Regional and local foreclosures may see some bumps, but all signs point to steadily declining foreclosures and a healthier housing market.


Back to December 2013 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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