Foreclosures Sink To 4-Year Low

Foreclosure activity continues to slow.

According to RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings nationwide fell 35 percent as compared to July 2010, a statistic suggesting that the housing market continues to improve.

"Foreclosure filing" is a catch-all term encompassing default notices, scheduled auctions, and bank repossessions.

Filings fell to a 44-month low in July 2011.

For all the improvement, though, activity remains concentrated in just a few states. More than half of all bank repossessions last month occurred in just a handful of states.

In July, 6 states accounted for 52% of activity.

1. California : 19% of all repossessions
2. Georgia : 8% of all repossessions
3. Florida : 7% of all repossessions
4. Texas : 6% of all repossessions
5. Michigan : 6% of all repossessions
6. Arizona : 6% of all repossessions

At the other end of the spectrum is Vermont. With just 11 repossessions for all of July, Vermont accounted for 0.016% of repossessions nationwide.

Distressed homes are in high demand with today's home buyers. According to the National Association of REALTORS®, they account for 30% of all home resales. That's no surprise, either.

Distressed homes typically sell at 20 percent discounts as compared to non-distressed ones.

But, if buying a foreclosure is in your agenda, be sure to do your homework. Buying bank-owned homes is different from buying from "people". The contracts are different, the negotiations are different, and the homes are sometimes sold with defects.

If you plan to purchase a foreclosure in Cary , therefore, be sure to speak with a licensed real estate agent first. There's plenty of available information online but when it's time to buy, have an experienced agent on your side.

For The 9th Straight Month, Foreclosure Filings Fall

For the 9th straight month last month, foreclosure activity slowed.

According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings dropped 29 percent nationwide on an annual basis in June. The phrase "foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.

June marked the ninth consecutive month of sub-300,000 filings after 20 months above it -- a promising signal for the housing market in Georgia and nationwide.

It's also noteworthy that each of the 10 most foreclosure-heavy states showed fewer foreclosures in June 2011 as compared to June 2010, led by Florida's 54% decline. Florida is one of 4 states on the leading edge of foreclosure activity since 2007.

The other 3 states performed similarly well in June:

• California : -22% on an annual basis
• Arizona : -7% on an annual basis
• Michigan : -25% on an annual basis

The decrease in foreclosure filings comes at a time when buyer demand is highest. According to the National Association of REALTORS®, "distressed properties" account for more than 30 percent of all home resales and no wonder -- homes in various stages of foreclosure or sold by short sale are selling with discounts of 20 percent versus comparable non-distressed homes.

For buyers in search of foreclosures in the Bella Casa area , talk with a licensed real estate. Buying homes in foreclosure follows a different process path as compared to buying a "traditional" home. Make sure you seek the help of a professional.

Monthly Foreclosure Count Drops For 16th Straight Month

Foreclosure rates are falling.

According to foreclosure-tracking firm RealtyTrac, monthly foreclosure filings fell 2 percent in May to just under 215,000 filings nationwide. A foreclosure filing is defined as any one of the following: a default notice, a scheduled auction, or a bank repossession.

On an annual basis, foreclosure counts have dropped over 16 consecutive months, dating back to January 2010.

Like all things in real estate, though, foreclosures are local. 6 states accounted for more than half of the country's foreclosure filings in May. Those six states -- California, Michigan, Arizona, Florida, Georgia and Texas -- represent just 34% of the U.S. population.

But even on a per household basis, the figures remain disproportionate.

• Top 10 Foreclosure States : 1 foreclosure per 357 households, on average
• Bottom 10 Foreclosure States : 1 foreclosure per 8,764 households, on average

The nationwide foreclosure rate was 1 foreclosure per 605 households.

As a home buyer in Raleigh , foreclosures matter. Distressed homes account for close to 40% of home resales and that's because distressed properties often sell at steep discounts; in some markets, up to 20 percent less than a comparable, non-distressed home. Foreclosed homes can be a great "deal", therefore, but only if you've done your homework. 

Buying a bank-repossessed home is different from buying from "people". The contracts and negotiation process are different, and homes are sometimes sold with defects.

If you plan to purchase a North Carolina foreclosure, therefore, speak with a real estate professional first. With foreclosures, there's a lot you can learn online, but when it comes time to submit an actual bid, you'll want an experienced agent on your side.

Foreclosure Filings Fall To 40-Month Low

Foreclosure activity continues to drop nationwide.

Based on data from foreclosure-tracking firm RealtyTrac, foreclosure filings nationwide fell below 220,000 in April 2011, a 9 percent decrease from March.

A "foreclosure filing" is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.

April marks the seventh straight month in which foreclosure filings have dropped and total filings are down more than one-third year-over-year.

One reason why filings are down is that banks are letting more time pass between delinquency and foreclosure, exploring alternative courses of actions such as short sales and loan modifications. It now takes, on average, 400 days from an initial default notice to bank repossession.

That's more than double the 151-day average of early-2007.

Another reason may be that job growth is returning to the U.S. and job creation is associated with fewer home loan defaults.

Regardless, in the states in which foreclosures are occurring, bank repossessions are concentrating among just a few. 

5 states accounted for half of the country's April REO:

• California : 19.8 percent
• Arizona : 9.5 percent
• Michigan : 7.5 percent
• Florida : 6.7 percent
• Texas : 5.6 percent

Collectively, these 5 states represent just 32 percent of the nation's population.

On the other end of the chart, Vermont accounted for a measly 0.007% of April's foreclosure filings.

If you're a first-time home buyer considering foreclosed homes in Cary , or a seasoned investor adding to your portfolio, the good news is that foreclosures are selling at steep, 20 percent discounts relative to non-distressed homes. Just make you know what you're buying. Foreclosure purchases carry different risks and follow different procedures than "traditional" sales.

Rely on a seasoned real estate agent to navigate the deal.

Foreclosures Drop 35 Percent Year-Over-Year

Foreclosure activity is much slower this year than last.

According to foreclosure-tracking firm RealtyTrac, the number of national foreclosure filings plunged 35 percent in March 2011 as compared to March 2010, a statistic that reflects a more healthy housing market and more robust outlook for 2011.

A "Foreclosure filing" is defined as any of the following : a default notice, a scheduled auction, or a bank repossessions. Foreclosures filings were down in all but 8 states last month.

Activity remains concentrated, too. More than half of all bank repossessions can be tied to just a handful of states.

In March, 6 states accounted for 51% of activity.

1. California : 15% of all repossessions
2. Florida : 9% of all repossessions
3. Arizona : 7% of all repossessions
4. Michigan : 7% of all repossessions
5. Texas : 6% of all repossessions
6. Nevada : 5% of all repossessions

At the other end of the spectrum is Vermont. With just 5 repossessions for all of March, Vermont accounted for 0.008% of repossessions nationwide.

Distressed homes remain in high demand among today's home buyers, accounting for almost 40% of all home resales. It's no wonder, either. Distresses home typically sell at a steep, 15 percent discount as compared to non-distressed properties.

Buying foreclosures can be a great "deal". However, make sure you've done your homework.

Buying homes from banks is different from buying a homes from "people". Contracts and negotiations are different, and homes are often sold with defects.

If you plan to buy a Apex foreclosure, therefore, make you you speak with a licensed real estate professional before submitting a bid. You can research a home online and learn a lot of the process, but when it's time to purchase, put an experienced agent on your side.

Foreclosure Activity Drops Throughout The Most Foreclosure-Heavy States

Foreclosure activity is slowing. According to foreclosure-tracker RealtyTrac, the number of foreclosure filings dropped 17 percent on an annual basis last month. Monthly filings ticked higher 1 percent after a combined 23 percent decrease through November and December 2010.

The phrase "foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions. 

January marked the third straight month of sub-300,000 filings after 20 straight months above it.

As compared to January 2010, six of the nation's 10 most foreclosure-heavy states posted an annual foreclosure filing reduction. The remaining four showed modest worsening.

It's noteworthy that states like California and Florida posted declines of 7 percent and 54 percent, respectively, and that Nevada posted a relatively-low 3 percent gain. These three states have been at the leading edge of foreclosure activity since 2007. Their subsequent recoveries, therefore, may foreshadow a better housing market ahead.

Or, this may be lasting effects from the "robo-signer" controversy.

Regardless, home buyers in North Carolina continue to clamor for distressed homes.

According to the National Association of REALTORS®, properties in various stages of the foreclosure and short sale process are selling at discounts in the range of 10-15 percent so it's no wonder they now account for 36 percent of all home resales. Buying a foreclosure can be a great "deal".  They can be more trouble and cost than they're worth.

Therefore, If you're in the market for a foreclosed home , be sure to speak with a licensed real estate agent. The process of buying a distressed home is different from buying a non-distressed home. An experienced professional can help make sure you negotiate your best possible price.

Foreclosure Activity Falls For The Second Straight Month, Drops To 30-Month Low

According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December.

"Foreclosure filing" is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.

Like most months, a small number of states dominated December's national foreclosure figures. 6 states accounted for more than 50 percent of all bank repossessions.

1. California : 17% of all repossessions
2. Florida : 11% of all repossessions
3. Arizona : 6% of all repossessions
4. Michigan : 6% of all repossessions
5. Texas : 6% of all repossessions
6. Nevada : 4% of all repossessions

December's foreclosure filings fell to its lowest levels since June 2008, but we can't read into the report too much just yet. Foreclosure volume continue to be dampened by lawsuits and moratoriums related to controversy surrounding the so-called robo-signers.

Foreclosure activity may have lessened in December anyway, but we can't know for certain. 

Distressed properties are in high demand among home buyers, accounting for one-third of all home sales; typically sold at a steep, 15 percent discount as compared to non-distressed properties.

Buying foreclosures can be a terrific "deal".

That said, buying a foreclosed home is different from buying a non-foreclosed home. Specifically, because you're buying from a bank and not a person, contracts may vary from what's "customary" and negotiations may be drawn-out.

It's one reason why buyers in Apex  -- first-timers and investors alike -- should talk with a real estate agent before writing an offer for a foreclosed property. You can learn a lot from the internet, but when it comes time to actually purchase a home, you'll want an experienced professional on your side.