U.S. foreclosure rate reaches its lowest since 2006

Recent data from real estate research firm RealtyTrac shows that the number of U.S. homes in foreclosure last month marks the lowest since 2006, Forbes reported on March 13.

According to the data from February, at least 112,498 properties nationwide were in various phases of foreclosure proceedings, the lowest number since December 2006. Properties that started to enter foreclosure proceeding were also the lowest since the U.S. housing industry was struck by a crisis with only 51,842 properties with default notices recorded.

Though most states are observed to be recovering from the foreclosure crisis, RealtyTrac said there were at least 14 states last month that had an increase in homes entering foreclosure.

Though most states in the U.S. are continuing to recover from the foreclosure crisis, a lot of people in Birmingham are still facing the threat of losing their home. At Greenway Bankruptcy Law, LLC, our legal team is here to help people facing this situation explore options for keeping their home. Call (205) 324-4000 to find out how we can help you work through your financial problems and possibly keep your home.

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.