REPORT: Foreclosure Filings Sink to Pre-Recession Levels
UNDATED -- A healthier economy is helping the housing market rebound.
RealtyTrac, a company which tracks foreclosures in the U.S., has released their 2014 foreclosure report. It shows the number of properties repossessed by banks was down 29% from 2013 and down 69% from the peak in foreclosure filings in 2010. The figures represent the lowest foreclosure level since 2006.
Minnesota Association of Realtors CEO Chris Galler says Minnesota numbers mirror the nationwide trend.
Galler says the recovery is directly tied to a rebound in home values and more jobs. He says an increase in home values is allowing people to re-fianance their properties and continue to afford the payments. More jobs also leads to consumer confidence and higher spending power for home buyers.
Galler says the outlook for 2015 is positive with fewer homes entering the foreclosure process, fewer distressed properties already on the market, higher home values and low interest rates.