Do Fewer Foreclosures Mean Housing Crisis Has Ended?

Before you go, we thought you'd like these...
Before you go close icon
By Richard Davies

The housing crisis, which led to huge drop in personal wealth for many Americans, may be over at long last. "I think that it's really in the rear-view mirror," says Daren Blomquist of the real estate and foreclosure listings firm RealtyTrac. The foreclosure crisis, perhaps the biggest scar on the housing market, is rapidly going away. New numbers on filings, including default notices, auctions and bank repossessions show a sharp retreat across the country.

"Nationally we're seeing an acceleration in the decreases in foreclosure activity," says Blomquist. "There was a 15 percent drop just month-to-month from October to November in overall foreclosure activity and that was the biggest monthly drop we've seen in three years."

The seizure of millions of properties was perhaps the most painful part of the housing collapse. The collapse of property values left many more people underwater with mortgages higher than the value of their houses and apartments. The number of homes entering the foreclosure process has fallen by two-thirds since the height of the housing crisis in 2010. The numbers are coming down very quickly and even accelerating back toward a more normal level of foreclosure activity.

See the rest of this report at ABC News.

10 States With the Most Foreclosures
See Gallery
Do Fewer Foreclosures Mean Housing Crisis Has Ended?

Price: $7.9 million

Address: 10 Edgewater Drive, Coral Gables, Fla. 33133

The listing for this penthouse brags of "spectacular unobstructed views of Biscayne Bay, Atlantic Ocean, and the city."

See more photos of this home for sale in Coral Gables.

Price: $1,999,900

Address: 8390 W. Windmill Lane, Las Vegas, Nev. 89113

This six-bedroom, 11-bathroom hacienda-style home is part of a 4-acre equestrian estate that includes a covered riding arena, hay barn and stables.

See more photos of this home for sale in Las Vegas.

Price: $3,890,000

Address: 703 Abell Ridge Circle, Towson, Md. 21204

Described in its listing as a "historic and architecturally significant Beaux Arts manor home, meticulously restored to its original grandeur," it not only has six bedrooms and eight bathrooms, but 10 fireplaces.

See more photos of this  home for sale in Towson.

Price: $624,900

Address: 1253 N. Bosworth Street Chicago, Ill., 60642

This duplex penthouse "in the heart of West Town" is touted by its listing as a Fannie Mae HomePath property that can be purchased with a 3 percent down payment.

See more photos of this home for sale in Chicago.

Price: $545,000

Address: 2600 Bexley Park Road, Columbus, Ohio 43209

This 4,573-square-foot home in Ohio's capital has five bedrooms and four baths, and is set on about a quarter acre.

See more photos of this home for sale in Columbus.

Price: $1.7 Million

Address: 279 Old Stamford Road New Canaan, Conn. 06840

This four-bedroom, five-bathroom Colonial-style home was built in 2000 and is set at the end of a private road. Its 4,688 square feet of open-plan living space includes a large walk-in closet and the master bedroom features a fireplace.

See more photos of this home for sale in New Canaan.

Price: $624,900

Address: 205 Summit Road, Mount Laurel, N.J. 08054

Set on about a half-acre, this 4,756-square-foot home was built in 1990. Along with a balcony that overlooks its "great room," the five-bedroom, five-bathroom showplace has a double staircase and a circular driveway.

See more photos of this home for sale in Mount Laurel.

Price: $439,900

Address: 22597 Huff Road Milton, Del. 19968

Set on a 2.47-acre lot, this three-bedroom, four-bathroom house was built in 2006, and its listing promises "upgrades galore."

See more photos of this home for sale in Milton.

Price: $404,900

Address: 1761 Golden Field Drive, Greenwood, Ind. 46143

This four-bedroom, four-bathroom ranch-style house near Bloomington is touted in its listing as having a full basement and easy access to main roads.

See more photos of this home for sale in Greenwood.

Price: $449,900

Address: 1003 Englewood Court, Summerville, S.C. 29483

Built in 2006, this five-bedroom, four-bathroom home is set on a little less than an acre.

See more photos of this home for sale in Summerville.


More recent news about foreclosures:
What the Chase Settlement Could Mean for Consumers
Fewer Homes Being Repossessed, Thanks to Investors
Fewer Foreclosures Now, but They're Selling for Less

More on AOL Real Estate:
Find out how to calculate mortgage payments.
homes for sale in your area.
foreclosures in your area.

Find homes for rent in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.
Read Full Story

Find a New Home

Powered by Zillow

People are Reading