RealtyTrac: US home repossessions fell in March
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Published 9:05 pm, Wednesday, April 10, 2013
LOS ANGELES (AP) — The number of U.S. homes repossessed by lenders last month fell to the lowest level in more than five years, the latest evidence that the nation's foreclosure crisis is abating amid an improving housing market. Steady job growth and ultra-low mortgage rates are helping the once-battered housing market recover, driving demand for homes and prices upward. Higher home values help restore equity to homeowners, which can help those at risk of foreclosure by improving their chances of refinancing their mortgage to a lower payment or place them in a better position to sell their home. [...] with the housing market apparently on a sustained, if gradual, turnaround path, it's more likely that a home entering the foreclosure process now will be able to avoid being lost to foreclosure, Blomquist said. Most of the homes on the foreclosure path have loans that were made during the housing boom years and early into the downturn.