The distressed property situation in the housing market remained strong during the third quarter, as more than half of the country experienced fewer foreclosures compared to the same three-month period last year.
Mortgage records showed the level of delinquent property loans dropped in nearly two-thirds of the country's metropolitan statistical areas. Specifically, 131 markets had declines on an annual basis, according to RealtyTrac's Metropolitan Foreclosure Market Report. The second quarter experienced three more markets with foreclosure declines.
"Two-thirds of the nation's largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation’s housing markets are past the worst of the foreclosure problem," said Daren Blomquist, vice president at RealtyTrac.
Property data in the report showed that 12 of the 20 largest markets in the country experienced foreclosure declines. San Francisco experienced the most significant level of foreclosure declines, with 36 percent fewer than the same quarter in 2011.
Lowered foreclosure levels in San Francisco may show the market improved nationally, as a report from Interest.com explained the city was the least affordable in which to purchase a home in 2012.