Clare Trapasso of Realtor.com explains how U.S. foreclosures have returned to the pre-housing crisis levels. This is another factor that proves the housing market is on the rebound.
Foreclosures Finally Return to Pre-Housing Crisis Levels
For those who associate foreclosure signs, shuttered homes, and idling cars overflowing with family possessions with the deepest, darkest moments of the subprime mortgage housing crisis—and that means pretty much all of us—there was some good news this week. The numbers have been tabulated, and it turns out that U.S. foreclosures fell to their lowest levels last year since the housing crisis began, according to a recently released report.
Foreclosures plummeted almost 27%, from 603,028 in 2014 to 476,000 in 2015, according to CoreLogic.
“We’re finally through the worst of it,” said Dan Hammel, a professor of urban geography at the University of Toledo.
He credits the stronger economy, which has translated into more homeowners with steady jobs, for the recovery. Other factors include increasing housing prices and banks tightening their lending criteria.