Number of us foreclosures down 22pc

The number of foreclosures in the USA has dropped 22 per cent in the past year. Figures from CoreLogic show that 32,000 were completed in December 2015, down 22.6 per cent from December 2014 - and down 72.8 per cent from the peak of 117,722 in September 2010.

The foreclosure inventory also declined by 23.8 per cent.

Since the financial crisis began in September 2008, there have been approximately 6.1 million completed foreclosures across the country, and since homeownership rates peaked in the second quarter of 2004, there have been about 8 million homes lost to foreclosure.

The figures follow research from RealtyTrac that shows the number of underwater homes in the USA has halved in the last three years.