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.
Read the full report summary by NPR.