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Foreclosure Epidemic Over, Says RealtyTrac

IRVING, Calif. (UPI) — U.S. forecloses dropped sharply in November, signaling the end to the foreclosure epidemic that resulted from the Great Recession, a real estate executive said.

“While foreclosures will likely continue to stage a weak rally in certain markets next year as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold,” Daren Blomquist, vice president at RealtyTrac, said in a statement.

Foreclosures in November were off 15 percent from October and 37 percent from November 2012, RealtyTrac reported Thursday.

The declines were prompted by a 95-month low in foreclosure starts, RealtyTrac said.

There were 113,454 homes in foreclose in the month, which includes homes tagged with default notices, scheduled for auction or repossessed by banks.

Across the country, one in 1,155 U.S. housing units were hit with a foreclosure filing in the month, the firm said.

In November, foreclosure starts rose in 15 states from a year ago, rising sharply in states that had low numbers a year ago, where relatively small increases can look dramatic. In Pennsylvania, foreclosure starts soared 233 percent from November 2012. In Delaware, they were up 104 percent from a year earlier. In Maryland, they rose 74 percent.

Bank repossessions were down sharply, however, reaching a 76-month low with a decline of 19 percent from October and 48 percent from November 2012.

Florida, Delaware, Maryland, South Carolina and Illinois had the highest foreclosure rates. Among the nation’s cities, the highest rates were posted in Miami and Tampa in Florida; Chicago; Riverside-San Bernardino in California, and Baltimore.

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