According to RealtyTrac, an online marketer of foreclosed properties, the number of new foreclosure filings in August hit the lowest level in nearly eight years.
The report points out some interesting facts:
• Foreclosure starts in August decreased from a year ago in 38 states.
• Michigan is down 55 percent.
• August’s initial foreclosure filings fell 44% to 55,575, just below the 56,063 that were recorded in October 2005.
• Bank repossessions (REO) in August increased 6 percent from the previous month but were still down 25 percent from a year ago.
“This is a strong indicator that the crisis is over,” said Daren Blomquist, vice president at RealtyTrac. “The foreclosure floodwaters have receded in most parts of the country, although lenders and communities continue to clean up the damage left behind,” he added.