Foreclosure filings--default notices, scheduled auctions and bank repossessions — were reported on 1,083,572 U.S. properties in 2015, down 3 percent from 2014 and down 62 percent from the peak of 2,871,891 properties with foreclosure filings in 2010. The nearly 1.1 million properties with foreclosure filings in 2015 was the lowest annual total since 2006.
The report, RealtyTrac's Year-End 2015 U.S. Foreclosure Market Report, with RealtyTrac vp Daren Blomquist commenting, shows that at least this dimension of the housing market is at or close to normal after a wild ride leading to and after the Great Recession. Blomquist notes that while there are some local blips and legacy volume due to jurisdictional process, things are cool:
“In 2015 we saw a return to normal, healthy foreclosure activity in many markets even as banks continued to clean up some of the last vestiges of distress left over from the last housing crisis,” said Daren Blomquist, vice president at RealtyTrac. “The increase in bank repossessions that we saw for the year was evidence of this cleanup phase, which largely involves completing foreclosure on highly distressed, low value properties.
Now, let's get lending and credit access back to where it can be regarded as a healthy normal.