According to RealtyTrac 2008 U.S. Foreclosure Market Report, foreclosure filings were up 81 percent in 2008. Sad to say for homeowners who bought in the last few years who need to sell, but these properties are the driving force in the market now.
Eviction notices, sheriff sales and bank repossessions seem to be everywhere. There were 3,157,806 foreclosure filings, reported during 2008, an 81 percent increase in total properties from 2007 and a 225 percent increase in total properties from 2006, according to the report.
1 in 54 homes filed for foreclosure. November 2008 to December 2008's foreclosure filings were up 17 percent, and more than 40 percent from December 2007. The top ten states for foreclosure rates in 2008 were Nevada, Florida, Arizona, California, Colorado, Michigan, Ohio, Georgia, Illinois, and New Jersey. The greatest number of foreclosure filings was in California, up 110 percent from 2007. Florida, Arizona, Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey completed the rest of the top ten in total foreclosures.
So what are you waiting for? Prices are at an all-time low as well as rates. Contact me today to get started: Cyndi@HartsockRealty.com or check out my website at www.HartsockRealty.com.
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