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Foreclosure Starts Lowest Since 2008

Foreclosure starts have declined to half their year-ago levels, according to second quarter data recently released from the Office of the Comptroller of the Currency.

In the second quarter of 2013, there were 150,592 foreclosure starts, down 50.8 percent from the second quarter of 2012. This marks the fewest number of foreclosure starts in any quarter since early in 2008, according to the OCC.

The OCC attributes this decline in foreclosures to a strengthening economy, aggressive foreclosure prevention efforts, loan modifications, and regulatory actions.

By the end of the second quarter, 90.6 percent of all mortgages reflected in the OCC report were current and performing, compared to 88.7 percent the previous year.

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Tags:- real estate news   Foreclosures   foreclosure prevention