Foreclosures Dropping To Pre-Crisis Levels
In recent reports, the total foreclosure filings, which also includes notices for default dropped down to 127,790, which is down 35% from a year ago. Since May, the overall numbers of foreclosure filings have dropped 14%, which is a huge decline and a significant positive for the housing market. Both lenders and homeowners are breathing a sigh of relief to see the numbers improving, as the lower number of foreclosures will prove positive for the overall health and prices of the housing market.
Housing Market Still Suffering In Many States
Unfortunately, the improving housing market has not been completely across the board. There are several states that are still suffering with high foreclosure rates. These include; Florida, Nevada, Illinois, Ohio, and Georgia. Florida cities in particular including; Tampa, Miami, Orlando, Jacksonville and Ocala, have some of the highest foreclosure numbers in the entire country.
Many Foreclosures Still Flooding The Housing Market
In spite of the fact that the total number of newly defaulted on homes is declining nation-wide, there are still many foreclosed upon homes waiting to enter the housing market. Especially in states where courts controlled the foreclosure process to avoid flooding the markets all at once, they are wading through a back log of foreclosed upon homes. Bank Repos are still occurring at the rate of 420,000/year, which is still higher than the average of 250,000. The good news is, as the housing market has shifted from a buyer’s market to a seller’s market it has given lenders the ability to get rid of more foreclosed upon homes at a more rapid rate.
Things Are Looking Up For The Housing Market
For homeowners, the fewer amount of foreclosures on the market is a positive trend for your home prices. We will see home prices continue to rise as the state of the market improves and more individuals have the ability to sell their homes rather than see them go to foreclosure. With interest rates still hanging out at fairly low levels, now may be an opportune time for new home buyers or for those looking to sell their homes to make a move in the housing market.
For more information on the housing market and the economy and how this may impact your personal finances, speak to a Redhawk Wealth Advisor near you today.