“Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006,” said Daren Blomquist, vice president at RealtyTrac. “Over the next six to nine months nationwide foreclosure numbers should start to flat line at consistently historically normal levels.
“There continue to be concerning trends in some states and local markets that clearly indicate those markets are not completely out of the woods when it comes to the lingering foreclosure problem left over from the housing bust,” Blomquist said. “While it’s important that any remaining foreclosure infection is addressed promptly to keep it from festering, foreclosures are no longer a widespread contagion threatening to derail the housing market’s return to full health.”.
Ten states also were at the lowest level of foreclosure activity in June since the housing bubble burst in August 2006. These include Texas, Georgia, Colorado, Tennessee, Arizona and Nevada.
