Foreclosure Activity Falls Again!

By
Real Estate Agent with CONLON/Christie's International Real Estate

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Foreclosure Activity Falls For The 4th Straight Month

Foreclosures concentrate in 4 states (November 2009)Since peaking in July 2009, national foreclosure activity has dropped through 4 consecutive months. 

On a month-to-month basis, November's foreclosure activity fell another 8 percent. 

However, national foreclosure activity continues to be dominated by a minority of states.

As reported by RealtyTrac.com, more than half of November's foreclosure-related activity sourced from just 4 states:

  1. California
  2. Florida
  3. Illinois
  4. Michigan

These are the same 4 states that topped October's foreclosure activity despite three of them posting month-to-month declines last month.

The remaining Top 10 states in terms of total foreclosure activity include Arizona, Texas, Ohio, Georgia, Nevada and New Jersey.

If you've been actively looking at REO lately, you've likely noticed that true bargains are harder to find.  This is because buyers of all types -- first-timers, move-ups, and investors -- are purchasing bank-owned homes aggressively and getting better at identifying the "best ones".

But just because supplies are dwindling doesn't mean you should just jump in.  Buying foreclosures isn't for everyone for two very strong reasons:

  1. Homes are often sold as-is and may have "issues"
  2. The closing process can be unpredictable

Therefore, if you're thinking of buying a foreclosed home, be sure to talk with your real estate agent about potential problems before going under contract.  Better too soon than too late.

There are still good deals in the foreclosure market, but based on November's data, they may not last through the winter.  "Distressed home" sales now account for 30 percent of home resale activity.

Posted by Michael LaFido on December 10, 2009 | Tags: Foreclosures

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Rainer
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Nancy Murray
Keller Williams Clients Choice Realty, Colorado Springs, CO - Colorado Springs, CO
Your NICE Real Estate Agent in Colorado Springs

Michael, I love your post so much I re-blogged it!  It is simple and easy to understand. The picture says a 1000 words.  I feel sorry for those working in the 4 unlucky states, though Colorado is dealing with record high numbers as well.  Just happy we aren't singled out anymore.

Nancy

Dec 10, 2009 03:23 PM #1
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Rainer
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Michael LaFido

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