USA Property foreclosures fell to a 10-year low in 2016

U.S. property foreclosures fell to a 10-year low in 2016

Foreclosure proceedings affected less than a million U.S. homes and other real estate last year, down 14 percent from 2015, according to a report released Thursday. Foreclosures hit a 10-year low, and property owners in all but 15 states experienced fewer of the early stages of foreclosure, usually begun after owners have missed four mortgage payments, according to the report by ATTOM Data Solutions. Final repossessions of properties also dropped overall, but increased in 21 states and the District of Columbia.

More than half of all active foreclosures nationwide are on loans originated between 2004 and 2008.

Daren Blomquist, senior vice president at ATTOM

Altogether in the United States last year, about 379,000 owners lost their property to banks under foreclosure, down from 1.05 million in 2009 at the height of the mortgage and housing crisis. Another 479,000 properties were in the early stages of foreclosure, less than a quarter of the properties in early stages in 2009.