NEW YORK (TheStreet) -- Will 2014 be the year when we finally can move on from the foreclosure crisis?
According to Daren Blomquist, vice president of RealtyTrac, there is strong evidence to suggest that foreclosures are no longer a threat to the housing recovery.
The latest foreclosure data suggested that the U.S. housing market is heading toward a more normal market, at least where distressed properties are concerned.
U.S foreclosure activity, which includes default notices, scheduled auctions and bank repossessions, declined 15% in November from the previous month, the biggest monthly drop since November 2010 when foreclosure activity plummeted following revelations of the robo-signing scandal.
Year over year, foreclosure activity was down 37%.
Foreclosure starts, referring to properties on which foreclosure action was initiated, declined 10% from a month ago to 52,826. That is the lowest level since December 2005.
"While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed," said Blomquist in a press release. "While foreclosures will likely continue to stage a weak rally in certain markets next year as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold."
The unprecedented level of foreclosures in the wake of the housing bust drove home prices lower by more than 30% from their peak levels. In the hardest -hit areas, the decline was even steeper.