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Foreclosure Filings Fall to Lowest Rate Since 2007

Hemera/Thinkstock(NEW YORK) -- After six years, the national foreclosure crisis may soon be nearing an end.

According to listings firm RealtyTrac, the number of foreclosure filings reported in January 2013 dropped 7 percent from the previous month and 28 percent from January 2012. According to the report, one in every 869 housing units in the United States had a foreclosure filing in January.

Daren Blomquist, vice president at RealtyTrac, cites legislation that went into effect on January 1 in California as having a profound impact on U.S. foreclosure numbers. The legislation, dubbed the Homeowners Bill of Rights, aided the state in decreasing foreclosures by 75 percent from January 2012.

For the fifth consecutive month, Florida had the highest foreclosure rate of any state. According to RealtyTrac, one in every 300 Florida housing units had a foreclosure filing in January -- more than twice the national average.  Florida also had the highest total number of housing units with foreclosure filings of any state in January, marking the first time since January 2007 that California does not hold that distinction.

Copyright 2013 ABC News Radio

ABC News Radio