Foreclosures lowest since 2007

Foreclosure filings and reposessions last year fell to their lowest level since 2007.  According to RealtyTrac, filings  were down 33% for the year totalling 2.7 million.  804,000 homes were repossessed and 1 out of every 69 homes had at least one foreclosure.  This is better than last years numbers when 1.05 million homes were reposessed.  There are several factors that led to the decline in foreclosures, one was banks making sure that the foreclosure paperwork was approriate and legal, which slowed the foreclosure process.  The second factor is low mortgage rates helping homeowners refinance into more affordable loans and the third factor was the Home Affordable Modification Program (HARP) that has