RealtyTrac's 2009 Foreclosure Report Gives Reason For Optimism

By
Mortgage and Lending with A&M Mortgage Group 214765

<!-- This material is non-exclusively licensed to Larry Penilla and may not be copied, reproduced, or sold in any form whatsoever.-->

Foreclosure deltas for the ten most foreclosure-heavy states of 2009

Like real estate, it appears that foreclosure activity is a local phenomenon, too.

As reported by RealtyTrac.com, more than half of all foreclosure-related activity in 2009 came from just 4 states:

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

More than 1.4 million filings made in 2009 are attributed to the above states. Furthermore, each ranks in the Top 10 for 2009 Foreclosures Per Capita.

The other states are Nevada, Utah, Georgia, Idaho, Michigan and Colorado.

Versus 2008, foreclosures are up 21 percent nationwide and that's a big number, but a deeper look at RealtyTrac's annual reports reveals a more positive undertone on the housing market.

  1. 40 states fell below the national Foreclosures Per Capita average in 2009
  2. Foreclosure activity fell on an annual basis in 10 states as compared to 2008

Foreclosures are still prevalent, though, and buying homes in foreclosure in Northwest Indiana continues to be big business.  First-time buyers, move-up buyers, and real estate investors each are bidding aggressively.

Distressed homes account for one-third of home resale activity, according to an industry trade group.

That said, buying foreclosures can be tricky.

First, properties are often sold "as-is" and the cost of repairs may unwind the home's status as a "value buy".  Furthermore, a lender may require specific fixes to be made prior to closing and that, too, costs money.

Second, buying a foreclosed home in Indiana isn't as streamlined as buying a "normal" home. Closing on a foreclosure can be a 120-day process or longer. A 4-month time-frame may not fit your schedule.

And, third, finding foreclosures can be difficult. Despite the growth in foreclosure search engines, it still takes a good real estate agent to uncover the best homes at the best prices.

Read the complete foreclosure report and take a peek at RealtyTrac's foreclosure heat maps.  If you like what you see, talk to your real estate agent about what to do next.

There's still good deals in the foreclosure market -- you just have to know where to find them

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Indiana
Tags:
firsttime buyers
indiana
northwest indiana
real estate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
4,432,317
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Some interesting statistics. There is improvement in my area. Hope the trend continues in 2010.

Jan 16, 2010 09:15 PM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
21,520

A&M Mortgage Group: Larry Penilla

Northwest Indiana Mortgages - Home Loans
Ask me a question
*
*
*
*
Spam prevention

Additional Information