Foreclosure Crisis May Be Drawing To A Close

The number of foreclosure filings hit its lowest level in almost 8 years in August according to industry marketer RealtyTrac. August’s foreclosure filings fell 44% to 55, 575, which is just below the 56,063 that were recorded in October of 2005. Rising home prices and a sizable decline in underwater homeowners has helped stem the tide of foreclosures around the country. The numbers also saw a 25% year-over-year drop in number of homes repossessed by lenders, and is also more than 60% below the peak numbers of repossessions in September of 2010. “This is a strong indicator that the crisis is over,” said Daren Blomquist, vice president at RealtyTrac. “The foreclosure floodwaters have receded in most parts of the country, although lenders and communities continue to clean up the damage left behind,” he added. To read the full story visit CNN Money.