Thursday, September 12, 2013

Some Good News for the Real Estate Industry

Realty Trac is a private company that tracks foreclosures across the country. I have been following them for years and trust their data. They recently announced that foreclosure filings in August hit its lowest level in eight years. Also, according to Realty Trac underwater mortgages, those who owe more on their mortgage loans than their homes are worth, is declining. This is certainly a positive sign for the housing industry. 
August's initial foreclosure filings fell 44% to 55,575, just below the 56,063 that were recorded in October 2005. The foreclosure crunch began in summer 2006, at about the same time that housing prices hit their peak. We are still seeing quite a few foreclosures in the New Bern market although I believe the number may be decreasing. 
Nationally, the peak in foreclosures was September, 2010. However, even though the number of foreclosure filings is falling, we will continue to see high levels of bank owned homes for sale for several years. The reason. There can be a 1 to 2 year lag between when foreclosure filings occur and when the bank actually takes back ownership.
The state with the highest rate of foreclosure filings was Nevada, with one for every 359 homes. 
In Florida, one of every 383 homes had some kind of filing, the second highest rate among states. Ohio, Delaware and Maryland filled out the top five.

If you have any questions give me a call.

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