Now, that number is closer to 12%. Last week, RealtyTrac reported foreclosure filings fell 34% in August as first-time defaults dropped to the lowest level in almost eight years, thanks to rising home prices. The foreclosure process varies by state, and those that involve going to court draw the process out, making it harder for foreclosures to work through the system. In states visit site where you dont have to go to court, the rate is around 2% right now, but in the court-involved states, the rate is still high since it takes two to four years, says Newport. Smith says about two million foreclosures still need to work their way through the system.
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