Notices of default, scheduled auctions, bank repossessions and other foreclosure filings have fallen to their lowest level since June 2006 signifying that we are well past the peak of the mortgage crisis. In fact, by this time next year, numbers could very well be back to 2005 pre-crisis levels, keeping in line predictions that the economy would not fully rebound from the Great Recession until 2015. A big driver for lower foreclosure numbers, however, is regulatory. In California, a Homeowner Bill of Rights became law on Jan. 1, offering protections for borrowers in default, and dropping foreclosure filings by 62 percent in January. 

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