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In One Chart: This one chart shows how dramatically foreclosures have fallen

It’s not news that foreclosures are declining as the housing market and economy recover. But data provider Black Knight Financial Services reported Tuesday that first-time foreclosure starts were the lowest not just since the housing bubble burst, but since 2000.

There were 77,657 such starts in the second quarter, Black Knight said. That’s a 16% decline from the first quarter and 25% lower than the same period a year ago.

Repeat foreclosures are also falling rapidly: there were 114,620 in the second quarter, down 17% from the first quarter and 8% compared to a year ago, but still more than double the level they averaged from 2000 to 2005.

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