ATTOM Data Solutions released their September and Q3 2016 U.S. Foreclosure Market Report which shows that year-over-year foreclosure declines for both September and Q3. The RealtyTrac staff takes a look at this data that reveals foreclosures in September were down to their lowest levels since December 2005.
Daren Blomquist, senior vice president at ATTOM Data Solutions, said that during September foreclosure activity finally fell below pre-crisis levels following six years of steady decline. He further elaborated on how the decrease in the foreclosure timeline was the proverbial "nail in the coffin":
“The decrease in the average foreclosure timeline indicates that banks have worked through the bulk of the legacy foreclosure backlog in most states — with a few lingering exceptions — and that most of the foreclosures being completed now are relatively recent defaults that are more efficiently progressing through the foreclosure pipeline,” Blomquist added.