Bloomberg News recently stated, “The rate of new foreclosures has dropped to the lowest level in eight years as rising property values have erased negative equity and allowed more delinquent homeowners to sell without losing money. The foreclosure crisis is fading for much of the country as the economy improves and homeowners negotiate with banks for modifications or approval to sell for less than what’s owed.” “Foreclosures are back to the typical historic range,” said Michael Fratantoni, Chief Economist for the Mortgage Bankers Association. “The vast majority of loans that remain to be worked out are very old at this point.”
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