The number of U.S. homes lost to foreclosure last year dropped 22.6% from 2014, according to the analytics firm CoreLogic.
Economist Frank Nothaft says there were fewer completed foreclosures nationwide than any year since 2006.
And while the country hasn't yet worked through all of the extra foreclosures to reach "normal" pre-recession levels, "we're getting there," says Nothaft. "I think in the next year or two, nationwide, we'll be coming down to those levels, finally."
But it will take Michigan longer to get through its foreclosure backlog.