The most recent data regarding foreclosures across the country, including here in New Jersey, indicates that numbers have finally fallen to pre-mortgage crisis levels. Much of this is attributed to economic growth and the fact that lenders are clearing out foreclosed inventory. Despite these encouraging statistics, there are still numerous homeowners who cannot stop foreclosure proceedings from being filed against them.
As of the end of March, there were "only" 631,000 active foreclosures across the country. This is reportedly the lowest that number has been since Oct. 2007. Of course, when this is compared with the nearly 1.2 million active cases in 2010, that is a significant decline. During the 2010 height of the foreclosure "boom," people were mailing the keys to their homes to their lenders -- essentially raising their hands in defeat instead of fighting to keep the homes that they were no longer able to afford.