Foreclosure filings are at the lowest in 5 years. Finally, the wave of foreclosures around the nation is much less according to recent reports by RealtyTrac. Their reports show that there is a decline of 7% in September from August and far below one year ago of 16%. The recent report shows that foreclosures are the lowest since the fall out in 2007.
These days, foreclosures are not making headlines like they once were. However, some economists believe there could be another wave of foreclosures to hit the housing market. Since the mortgage settlement was reached in April, many experts believed the market would once again be flooded with repossessions. But, that is not the case now.
Foreclosures are down more steeply in some states over others. Part of the reason for the decline is overall economy improvement. The government and banks have also helped with their efforts to prevent foreclosures. The Home Affordable Modification Program was a big factor in getting millions of homeowners down to an affordable mortgage payment.
Banks are still a big part of the recovery as they continue to help homeowners look for ways to keep from foreclosure. Many banks are letting homeowners refinance at lower rates or they are agreeing to short sales, which is a more preferred method over foreclosure. And, the improving economy is helping more people get and keep jobs so they can pay their mortgages.