Mortgage

The foreclosure crisis reaches its silent end

The moment the U.S. has been waiting for is already here: the foreclosure crisis is clearly over when evaluating the dramatic drop in homes entering the foreclosure process, reports ABC News.  

Richard Davies with ABC News elaborated on the factors that spell an end to the foreclosure decade:

A dramatic drop in homes entering foreclosure is the latest sign of real improvement for the housing market, which continues to recover from the collapse six years ago.

"The overall picture is we’re on a path back to normal foreclosure activity," says Daren Blomquist of the listings firm RealtyTrac. "We’re really over two-thirds on the way there.” RealtyTrac says nearly 56,000 homes entered the foreclosure process last month. That’s down 8 percent from July and down 44 percent from August last year. Foreclosure sales by banks rose.

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