Foreclosure Filings in 2013 Hit Six-Year Low
(IRVINE, Calif.) -- Foreclosure activity in the U.S. plunged last year to the lowest annual total since 2007, a new year-end report from RealtyTrac shows.
The foreclosure listings firm says in 2013 there were 1,361,795 properties with foreclosure filings. That's down 26 percent from the year before and 53 percent lower than the peak in 2010, when foreclosure filings were reported on 2.9 million properties.
RealtyTrac Vice President Daren Blomquist says the low figure is a sign that the country is nearly out of the housing crisis that led to the Great Recession.
"We are almost there. We can see the light at the end of the tunnel very clearly," he tells ABC News Radio.
"We need to get back to less than a million properties with foreclosure filings for the year -- probably in the range of 750,000 to be back to normal. But we're very close. There's a few markets that are lagging," Blomquist adds.
The markets that Blomquist is referring to are Illinois, Maryland, Nevada, Ohio and Florida, which had the highest foreclosure rate last year.
But, Blomquist notes, "there are some good signs in Florida as well that the pig is moving through the python. And the backlog of delayed foreclosures is being worked through. And in 2014 we expect the numbers to go down in Florida."
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