New report: Foreclosures drop in 2014 - KWWL - Eastern Iowa Breaking News, Weather, Closings

New report: Foreclosures drop in 2014

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(NBC) -

Foreclosures in the U.S. were down in 2014, bringing foreclosure filings to their lowest since 2006.

Realtytrac's Year-End 2014 Foreclosure Market Report released shows foreclosure filings such as default notices, scheduled auctions and bank repossessions, were reported on 1.1 million properties nationwide. 

That's 18 percent less than 2013, and down 61 percent from the peak of 2.8 million properties in 2010. 

The report also shows that of all U.S housing units, one in every 118 had at least one foreclosure filing in 2014. 

That's the first time since 2006 that the annual foreclosure rate has been below 1 percent of all housing units. 

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