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Foreclosure forecast: Foreclosures drop in the United States

When the recession hit, many good people found themselves deep in debt. While it was difficult for some time, the number of people struggling is beginning to decline as the economy recovers across the United States. If you've been concerned about foreclosure in your own life, know that you're not alone. Many people have struggled, but there are legal options available to you.

The good news today is that foreclosure starts have decreased 15 percent in April 2016 compared to the same time in 2015, according to data released by RealtyTrac. This is the tenth month in which the number of foreclosure starts has dropped, meaning that the economy in the United States is looking up. However, despite the positive changes across the nation, there are still some states where foreclosures are more common. In Connecticut and Arizona, for instance, the number of foreclosures rose from the same time in 2015.

What about South Carolina? The number of bank repossessions has risen based on data from last year to April of 2016. In fact, there were 36 percent more bank repossessions in the state than in the previous year. Generally speaking, the number of bank repossessions around the United States dropped.

Looking at total foreclosures, the number of foreclosures around the country decreased; that includes bank repossessions in the data. It would count as a decrease of around 20 percent across the United States with 100,932 foreclosure filings in the country. It's estimated that foreclosure activity is back to the level it was in 2006, but it has not yet dropped to the lower rates that were present in 2005.

Source: Mortgage Orb, "RealtyTrac: Foreclosure Starts Decreased 15% Year Over Year In April," May 23, 2016

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