Foreclosures Fall To Pre-housing Bust Levels

The long national foreclosure nightmare is nearing its end, with foreclosure filings hitting their lowest level since before the housing bust. Total foreclosure filings, including notices of default, scheduled auctions and bank repossessions, dropped to 127,790 in June, down 35% over the past 12 months, according to RealtyTrac. Overall, filings have hit their lowest monthly level since December 2006. Expect a huge continuing slowdown of mortgage inspections and property preservation tasks. The worst is over for homeowners. The mortgage segment of the industry is in for some drastic changes as the segment is drying up.