Foreclosures were a major reason why the housing market experienced turmoil a couple of years ago, but the market continues to recover from the foreclosure and mortgage fiasco. In fact, recent reports show that the housing market is continuing its comeback as foreclosures are now at the lowest they’ve been in nine years.
Filings for foreclosures during the first quarter dropped to their lowest in nearly a decade and activity related to foreclosures was down to levels not seen since the recession in over one-third of major metropolitan areas. This potentially reinforces signs that the housing market largely continues on its comeback trail.
During the first three months of 2016 there were a total of 289,116 foreclosure filings, representing a drop of more than three percent from the previous quarter and over seven percent lower when compared to 2015.
Also during the first quarter, close to 98% of markets around the United States reported foreclosure activity significantly below the levels reached in 2009. However six of these markets hit a new peak, including Binghamton, New York, Kingsport, Tennessee, and Tuscaloosa, Alabama.
How do you feel about the fewer foreclosures happening around the country? Do you think the housing market continues on a path to recovery?
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