Foreclosures at Lowest Level in 10 Years

According to a recent report by RealtyTrac, foreclosure starts in the United States dropped one percent in August to 45,072, a decrease 19 percent year-on-year decrease. This means that nationwide foreclosures are currently at their lowest level since November 2005.

On the other hand, while bank repossessions were down 22 percent in August when compared with July to 36,792, overall this still represented a 40 percent increase over a comparable period in 2014 and a huge increase over the pre-crisis average in 2005 of 23,119.

According to RealtyTrac the best explanation is that banks are making a concerted effort to clear out current foreclosure inventories.

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