A review of activity in 2011 shows that repossessions and foreclosures in the U.S over 2011 were at their lowest level since 2007- in fact, the number of bank repossessions and Notices of Default plummeted 33% across the nation as compared to 2010 numbers.

So what does this mean? For one thing, it shows that bank processing of foreclosures in 2011 dropped significantly in the wake of lawsuits and subsequent bank-ordered halts in proceeding with foreclosures in the wake of the paperwork processing frailties committed by the many large home loan lenders that came to light towards the end of 2010. The delays that resulted significantly delayed the amount of time that it took banks from completing foreclosures last year. Therefore, may anticipate that the number of foreclosures will increase in 2012.

Another factor is the effect of government programs such as HAMP, which were aimed at allowing many homeowners to modify the terms of their home loans and therefore save them from foreclosure. California, however, still has the third-highest State rate of foreclosures in the U.S., so, here it least, the foreclosure crisis seems likely to continue to have a significant impact of the lives of millions of homeowners.