The rate of new foreclosures has hit its lowest level in eight years, according to Bloomberg’s website. Rising home prices brought homeowners “above water,” enabling them to sell without a loss.
The rate of foreclosure fell to its lowest since the third quarter of 2006, which was about the time when home prices started their decline.
Rising home prices, loan modifications and approval to sell for less than what is owed all play a part in the easing of the foreclosure crisis, according to the article. A current low mortgage rate and anemic inventories bolster the current recovery. (That is, unless you live in LA County.)
Are you seeing signs of a housing recovery? Let us know in the comments below.