Only 933,000 foreclosure filings were made in the U.S. last year, the lowest in 10 years and a 14 percent drop from 2015.
MarketWatch reports that filings in December were down 1 percent from November and 17 percent from the year before. These figures come from ATTOM Data Solutions and represent properties with publicly disclosed foreclosure filings, which includes default notices, scheduled auctions, and bank repossessions.
A decline in filings is inspiring news for the housing market, which is still reeling from the mid-2000s bubble that drastically impacted the economy — 55% of the loans in the process of foreclosure were originated between 2004 and 2008. Banks are clearing through those most distressed, Blomquist said.
While it’s tougher to buy a home now than it was during the housing boom, stricter lending requirements and government regulations should another onslaught of foreclosures of more recent mortgages.
Advertisement
Related Stories
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady
Economics
NAHB CEO Tobin Says 'Housing Renaissance' on the Horizon
Responding to positive housing-related data such as falling mortgage rates and increased homebuyer activity, NAHB's CEO Jim Tobin is optimistic
