In 2015 foreclosures across the nation have finally dropped to the lowest levels seen since the sub-prime mortgage crisis began in 2007.

According to CoreLogic, foreclosures fell dramatically in 2015 by 27% in an annual comparison. It is believed that this recovery is due largely to a stronger economy, increasinghousing prices and of course, banks tightening their belts when it comes to their lending criteria. However, due to the rising home prices and stricter lending practices, potential home buyers are more apprehensive to purchase a home. Even though this creates a double edged sword for the housing market, according to Dan Hammel, Professorof Urban Geography at the University of Toledo, Were finally through the worst of it."

The top 5 hardest hit states were Florida, Michigan, Texas, Ohio, Georgia. These states accounted for nearly half of the entire country's foreclosures. Florida remains thehardest hit state with 79,109 completed foreclosures, while Washington D.C. has the fewest with 81 foreclosures. Florida is still off balance from the housing crisis, due to theridiculously high rise in housing prices during the mid-2000's according to Jack McCabe, CEO of McCabe Research & Consulting, a researching company based out of SouthFlorida. Although the housing prices in Florida are still down by about 1/3 from 2006, McCabe states, "Prices in this state have rebounded well over the last three years."

Lessons have been learned during the sub-prime mortgage crisis. Modifications, refinancing and even short sales can be preferable to a foreclosure. Seeking aide immediatelyinstead of waiting to see what can happen has saved many from losing their homes and becoming a statistic.

Despite all the hurdles that were jumped and still need to be jumped, the national economy and the housing prices continue to improve.

According to Frank Nothat, chief economist of CoreLogic, We expect to see foreclosure and [mortgage] delinquency rates continue to decline in 2016."