USA finally putting home foreclosure crisis behind it

Bloomberg

It’s taken nine years, but the number of U.S. homes in foreclosure has fallen to a level not seen since before the 2008 housing crisis.
More troubled borrowers are making their way through the foreclosure process, which can take more than five years on average in some states. The number of properties in active foreclosure declined by 24,000 to 631,000 in March, according to Black Knight Financial Services. That’s the lowest since October 2007.
Neighbourhoods across the country were in the coming years flooded with more than 2 million notices from banks. The wave of foreclosures crested in 2010 when banks seized a record 1.2 million properties and served even more with notices of default, auction or repossession. People suffering from the worst economic crisis since the Great Depression just “mailed their keys to the banks and just said ‘take it’” said Ben Graboske, a chief technology officer at Black Knight.
The huge inventory of foreclosures has taken years for lenders and borrowers to work through.

Declining Delinquencies
With incomes slowly rising and unemployment claims the lowest since the 1970s, more borrowers are staying current with their payments. Delinquencies on home loans across the country fell to 4.08 percent in March, the lowest since March 2007, according to Black Knight.
The most recent data suggests that the country has put its crisis-era foreclosures behind it, said Christopher Sullivan, chief investment officer of United Nations Federal Credit Union.