Tuesday, September 17, 2013

Foreclosure Crisis Is Drawing To A Close In America

RealtyTrac, an online marketer of foreclosed properties in the United States, noted that the number of new foreclosure filings in August 2013 hit its lowest number in almost a decade.

In recent months, there has been a major decline in “underwater borrowers” – who are individuals who actually owe more on their mortgage loans than what their homes are worth.

"The foreclosure floodwaters have receded in most parts of the country, although lenders and communities continue to clean up the damage left behind," said Daren Blomquist, vice president at RealtyTrac.

Although it appears that the crisis is drawing to a close, there are still many states that are suffering, such as Nevada. 


The state currently has the highest rate of foreclosure filing in the nation; one out of 359 homes.

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Three cities in Ohio – Toledo, Cleveland and Akron – were named on the top 10 list of foreclosure cities.