Recent findings by RealtyTrac show that foreclosure activity across the country has dropped to its lowest point in a decade. This includes auctions, repossession of homes and notices delivered. As reported by Reuters, approximately 597,589 properties were at some point in the foreclosure proceedings during this year. That is 3 percent lower than the same time last year. RealtyTrac vice president Daren Blomquist is upbeat in his appraisal of the housing market, stating, “U.S. foreclosure starts have not only returned to pre-housing crisis levels, they have fallen well below those pre-crisis levels and are still searching for a floor.”
California is one of 19 states that have seen foreclosure activity drop to levels not seen since the 2008 Economic Crisis. Bank repossessions were down considerably in the first half of 2015, with June seeing only 36,503 homes lost to lenders. Overall, the findings are a welcome relief for many and could predicate more positive foreclosure activity in the coming months.
However, many families and individuals are still struggling to keep their property out of foreclosure or successfully negotiate a loan modification with their lender. If you or a family member is facing home foreclosure, contact the experienced attorneys at McFarlin LLP to discuss your options.