Nationally, the foreclosure rate eased from 2.8% in June of 2011 to 2.7% by December with 113 of the 163 markets surveyed by NAR Research experiencing a decline in their foreclosure rate over this period.
While the improvement was widespread, the largest aggregate declines occurred in markets where the rate had ballooned in 2009 and 2010.
Markets in Florida and Nevada dominated the top 10 in declines, but Seattle and Spokane (Washington) also made the top 10 despite having a small overall foreclosure rate, which suggests stronger proportionate improvements and potential for robust recoveries.
Falling foreclosure rates reflect stronger employment conditions and consumer confidence as well as record low mortgage rates which are driving additional home sales. Efforts to improve the short sale process and modification programs have also had an impact.
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