November foreclosure filings in U.S. drop 15% to a seven-year low

The number of foreclosure filings in the U.S. fell 15% last month, to a seven-year low of 113,454 properties, according to RealtyTrac.

That’s the largest over-the-month decline since November 2010 when filings fell 21%.

“While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” said Daren Blomquist, vice president at RealtyTrac, in a statement.

Florida, Delaware, Maryland and South Carolina had the highest foreclosure rates, RealtyTrac reported.

Locally, the Riverside-San Bernardino metro area still landed in the top 20 areas with the highest foreclosure rates. The Inland Empire region was among the hardest hit when the housing market crashed and it still has a ways to go before fully recovering.

Foreclosure rates have been steadily falling in the last couple of years as the housing recovery has found its footing. Economists don’t anticipate foreclosure rates will rebound.

“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,” Blomquist said.

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