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Looks like the number of foreclosures is going up again. The reports from RealtyTrac has shown that 358,000 foreclosure notices were received by homes, Nationwide in August 2009. They are reporting a 18 percent increase over last August 2008. It is also the fifth straight month that the number of foreclosure notices were over 300,000.
Here in Minnesota the report is that 3688 homes received notice of foreclosure in August 2009 making the new year to date total 25235. The number of Bank Owned Properties for August 2009 was 551 for a total of 4373 year to date. That is giving us a total of 1 house in every 625 that are in foreclosure. Even though it foreclosure rate dropped from July 2009 it is still a 70 percent increase over August of 2008.
There is also starting to be a increase of defaults on the commercial market as well. I was out showing commercial properties on Tuesday to one of my clients and there are a ton of empty lease units out there. Lease rates are declining and incentives are increasing. I was also supprised by the number of commercial properties that are willing to sell units on a Contract For Deed. I think this is because of the lack of available credit. It is difficult for most commercial property owners to qualify for a mortgage, which is impacting the current market just like it is for residential properties.
If you have questions regarding foreclosures or any other realestate matters please contact us today.
The Janos Group Real Estate Affiliate Services, Inc. White Bear Lake, MN 55110 651-407-7803
The statistic numbers listed above were obtained by RealtyTrac and are not gauranteed by The Janos Group.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.