The national foreclosure crisis might be headed in the right direction, but it's still got a ways to go.
The percentage of loans in foreclosure fell in the last quarter of 2011 to 4.38 percent, according to the Mortgage Bankers Association's Mortgage Delinquency Survey. The survey examined 42.9 million loans on one- to four-unit residential properties. It also found that the percentage late on their mortgage payments to be down as well.
Some states continue to struggle, including notorious foreclosure hotspots like Florida and Nevada. But even in the home state of Las Vegas, the city once referred to as the foreclosure capital of America, things are looking up. For the first time in years, Nevada isn't one of the top two states with the highest percentage of loans in foreclosure, according to CalculatedRisk.
But even as delinquencies fell at the end of last year, so too did home prices, indicating that the market has yet to hit rock bottom. In twenty U.S. cities, home prices fell to their lowest level since 2006 in December, according to the Case-Shiller Home Price Index.