Foreclosures in the United States in August were the lowest in eight years and the housing market crisis is over

Foreclosures in the United States were the lowest in eight years and the housing market crisis is over. The latest report from RealtyTrac said that the number of foreclosure notices issued in the United States in August dropped to the lowest level in the past eight years...

The latest report from RealtyTrac said that the number of foreclosure notices issued in the United States in August dropped to the lowest level in the past eight years. CNNMoney said the national foreclosure nightmare may be over.

Daren Blomquist, vice president of real estate tracking, said this is a strong indicator that the crisis is over. The foreclosure asset promotion website said that rising housing prices and a sharp decline in the number of "drowning" assets are driving the improvement in the real estate market. So-called "drowning" properties are properties where the mortgage balance is greater than the value of the home.

The number of foreclosure notices issued for the first time in August this year was 55,575, down from 56,063 in October 2005. The wave of foreclosures began in the summer of 2006, when housing prices across the United States reached their peak.

The “foreclosure flood” is receding in most places across the country, Blomquist said, even as lenders and communities continue to clean up the damage it has caused.

The cleanup task is indeed arduous: for example, the number of houses repossessed by lending institutions in August this year was 39,277, an increase of 6% from July. But that number is down 25% from the same period last year and more than 60% from its peak in September 2010.

Nevada has the highest rate of foreclosure: one house in every 359 is foreclosed. But experts say most of these foreclosures are the result of state legislators requiring lenders to review documents.

Florida ranks second with one out of every 383 homes being foreclosed on. Rounding out the top five states with the highest foreclosures are Ohio, Delaware and Maryland.

Among the top ten cities with the highest foreclosure ratio, Florida accounts for six, including Port St. Lucie, Jacksonville, Miami, Tampa, Broward County and Ocala. The other four cities are Las Vegas and Toledo, Cleveland and Akron, Ohio.

The Miami Tribune said that a total of 23,372 residential homeowners in Florida received initial foreclosure notices in August, a 14% decrease from July and a 15% decrease from a year ago. Foreclosure notices include notices of foreclosure activities such as breach of contract, scheduled auctions, and bank repossessions.

reports that at the same time, activities entering the late stages of foreclosure have increased significantly: the number of scheduled auctions has increased by 39% compared with a year ago, and the number of bank repossessions has increased by 48%.