In yet another sign that the U.S. housing market may be edging closer to a full recovery, foreclosure activity has declined to its lowest level in nearly eight years.

According to RealtyTrac’s latest foreclosure market report, about 107,000 homes had a foreclosure filing in June, a 16 percent year-over-year decline and the lowest level since July 2006. Foreclosure activity in the first half of 2014 has also dropped a substantial 23 percent compared with the same period last year.

ReatlyTrac Vice President Daren Blomquist said he expected foreclosure activity to continue improving and return to historically normal levels within the next nine months.

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