It seems a long time that the words phrase “foreclosure rates” has been a regular part of any real estate professional vernacular, and despite the recent slowdown in foreclosure rates, we are far from seeing an end to them. Bank filing errors from robo-signing and MERS have slowed down the foreclosure processes enough to cause a bit of a lull in the foreclosure market.
In a recent report from Office of Thrift Supervision covering Mortgage Metrics, the following numbers noting completed foreclosures for the last 4+ quarters were shown:
That being said, knowing that the market still has foreclosures to log in the near future, keeping the mortgage interest rates low will allow for property investors and savvy real estate shoppers to take advantage of these bank-owned properties.
Simply put, we need to turn foreclosures into a cash-cow that could help drive our housing market forward for continued recovery.