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Drop in foreclosure rate, year-over-year

By
Real Estate Agent with The Kathy O'Neal Team - RE/MAX Executives

Although it may not "feel" like it, foreclosures are happening at a much slower pace now compared to last year.

At least that is what a recent report suggests.

RealtyTrac reports that the number of national foreclosure filings dropped 35 percent in March 2011 vs. March 2010.

"Foreclosure filing" includes: a default notice, a scheduled auction, or a bank repossessions. Another interesting fact is that foreclosures filings were down last month in all but 8 States.

As we have seen previously, foreclosures are still clustered in geographical areas.  Over half of bank repos are focused on a small number of States.

For example, during March, just 6 states encompassed 51% of the total activity.

  1. California : 15% of all repossessions
  2. Florida : 9% of all repossessions
  3. Arizona : 7% of all repossessions
  4. Michigan : 7% of all repossessions
  5. Texas : 6% of all repossessions
  6. Nevada : 5% of all repossessions

Also to note, is the high proportion of resales that are distressed properties.... almost 40% of all home resales. Those properties are averaging a 15 percent discount when compared to normal sale properties.

Of course you do have to perform due diligence, and that is where I can help if you are moving to Northern Virginia or are living in the area.  If you want to find out more about distressed properties in Chantilly or the Northern Virginia area, do let me know and I will get you the information you need.  No matter where you are located, I encourage you to get professional help if you are going the distressed property route.

Please understand that when you buy a home from a bank you are in a different ball game. You can get hurt if you are not careful.

So if you are home buying in Chantilly, Centreville, or the Northern Virginia area, please know we are here for you!  We also invite you to visti our Chantilly area blog for a steady stream of useful real estate information.

 

[The Kathy O’Neal Team serves home buyers and sellers in Northern Virginia, with special focus on Chantilly, Centreville, and the communities of the Western Fairfax region.]

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