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Foreclosure Rates Lowest Since 2007

By
Real Estate Agent with Angel Lynn Realty

According to a recent report from RealtyTrac (a foreclosure listing firm), foreclosure rates are at their lowest since 2007. "Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million".  In 2011, 1.9 million homes were filed for foreclosure last year which is a good improvement from 2010 (down 20%), and even better in comparison to the amount of filings in 2007.  While this may come as good news, RealtyTrac also points out the fact that the banks have not caught up with the amount of foreclosure paperwork.  They've taken more precaution due to the "robo-signing" scandal of 2010, and therefore the entire process has been delayed.  The listing firm predicts that when the banks do catch up, the result will be a higher foreclosure rate for 2012.  However, rates aren't expected to be as drastic as they were in 2010.

Low prices in the housing market will also continue to be a challenge for homeowners, as many of them will lack the home equity that might otherwise be available as emergency money.  On the flip side, low mortgage rates are making it possible for many people to refinance their homes, in the hopes of avoiding any future financial troubles.

The areas hit hardest by foreclosure remain California (with 7 cities in the top 10), Arizona, and Nevada.

 

 

With over 6 years of experience in the short sale process and an instinctive ability to understand the needs of her clients, Angel Lynn is your trusted real estate expert. Whether you’re a buyer, a seller, or one of the millions currently in danger of foreclosure,  contact us today!  We’re here to help!

 

 

 

 

 

 

Courtesy of :

msnbc.com

Yahoo Finance

CNN Real Estate

Posted by

Angel Lynn

www.angellynn.com

Angel Lynn Realty

1913 Capitol Ave. Suite C

Sacramento, Ca 95811

 

Comments (1)

Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker Realty, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Angel - This is good news for everyone.  Perhaps this is the bottom of the real estate market!

Jan 12, 2012 09:57 AM