Foreclosures in the US have dropped to their lowest levels in 2015 since the housing crisis based on the tabulated numbers. The data showed that the US foreclosures dived to nearly 27 percent from 2014's 603,028 to 476,000 in 2015 based on the report by CoreLogic.
The foreclosures' lowest drop, according to University of Toledo professor in urban geography Dan Hammel, was an indication that the country is finally through the worst, citing the stronger economy and the rising housing prices, including the banks' more strict criteria in lending.
According to a report from Housing Wire, these factors were also seen to be the same reasons that may prevent several potential buyers from securing financing. Others would refer to it as the classic double-edged recovery.
Some states appeared to get hit harder than others, like in Florida, where 79,109 of foreclosures were recorded in 2015, a major one in the country based on the CoreLogic report. Michigan followed with 48,865, then Texas, with its 29,815. Georgia and Ohio were very close, with 24,239 and 24,456 respectively. The five states are mostly responsible for almost half of the foreclosures in the country.
Washington, DC bragged the least with 81, North Dakota followed next with 220 and Wyoming with 541. Wes Virginia came close behind at 560 and Alaska with 700.
Florida remains stumbling from housing crisis due to the fact that the prices were pushed unrealistically high in the middle of 2000s when investors hurried to buy multiple homes. McCabe Research & Consulting CEO Jack McCabe said that a few of those properties were bought with adjustable-rate mortgages, which means when rates jumped to a big increase, a lot of those investors were not able to pay.
Foreclosures and the rate of mortgage delinquencies in the US are believed to decline this year, as the housing prices and the national economy continue to show improvement, according to a report from Realtor.
