The number of foreclosures around the country should decline next year, according to a property data report from DBRS.
Foreclosure levels in judicial states should fall in 2013, and the figure has already made significant declines this year. Specifically, close to 531,600 properties received foreclosure filings last quarter, a 5 percent drop from the previous three months, the report showed, according to HousingWire. This totaled one in nearly 250 homes nationwide. Additionally, the total foreclosure level was more than 10 percent lower than it was in the third quarter of last year.
"This is due to the record number of servicers that are using short sales as their primary loss mitigation tool to prevent delinquent loans from entering foreclosure," analysts at DBRS explained, according to the news source.
Foreclosure levels may also have declined due to a boost in the number of refinances. While mortgage records showed a slight decline in refinances, Mike Fratantoni, vice president of research and economics for the Mortgage Bankers Association, noted that figures are still near their highest level in three years.