Since 2006, more than 6.5 million American families have faced home foreclosure and hundreds of thousands more are currently on the brink. According to Equifax, the global financial information company, there are signs that the era of foreclosure is coming to an end:
• There has been a steady decline in delinquent mortgages over 90 days (down 18% from a year ago).
• New foreclosures are down 29% from a year ago.
• June was the ninth straight month with decreased foreclosure activity on a year-over-year basis.
These are hopeful signs that the foreclosure era is drawing to a close. However, any new economic disaster that returns the U.S. to double-digit unemployment could drive up the foreclosure rate again.
Read more about the signs that the foreclosure era is ending on the Equifax Real Estate blog.