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Nationwide foreclosures dip lowest since 2007

LANSING (WKZO) -- RealtyTrac says default, auction and repossession notices in foreclosure filings in December took a one-percent dive from the previous month and were down 28-percent from a year earlier.

The number of homes in the repossession process declined to the lowest level since 2007 amid rebounding U.S. property prices. Stronger buyer demand and tight inventories of available properties are helping homeowners dodge foreclosure by selling and allowing banks to dispose of seized houses.

The group reports Michigan currently has over 40-thousand foreclosures with an estimated nearly 35-thousand homes for sale. Florida's foreclosure rate in 2013 was the nation's highest, with more than three-percent of households receiving a filing.