21.7 Percent Fewer Foreclosure Notices Were Filed In 2011

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781

21.7 Percent Fewer Foreclosure Notices Were Filed In 2011

21.7 percent fewer foreclosure notices were filed in 2011 than the previous year.  Realty/Trac reported Thursday the 21.7 figure and that put us 3rd highest foreclosure rate in the country.  In the nation there was a 34 percent drop in 2011 from the prior year. 

A lot of this could be because of the problems the banks have in the way the processed foreclosures.  The pace will increase during the coming year if that was the problem. 

In California one in 32 homes are being foreclosed in California.  The message is really that people cannot afford their homes without jobs or well paying jobs.  The under employed and the out of work are not going to keep or purchase homes.

Comments (24)

Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Yeah, it will be interesting to see what 2012 holds.  We've seen lower foreclosure rates in my parts as well, but honestly, I don't think we our out of the woods yet, I think there are other forces involved as well...-Kasey

Jan 15, 2012 11:29 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Kasey

I think you are correct.

Jan 15, 2012 12:02 PM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®
Tim: Where were the other two areas with the higher foreclosures? Just wondering.
Jan 15, 2012 03:40 PM
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Tim

My hope is that if foreclosures are dropping, then short sale approvals are rising. Or maybe loan modifications. Those will be sure signs of a recovery in terms of people's hopes and dreams for keeping their homes.

Thanks!

Jan 15, 2012 05:47 PM
Karen Hawkins, MBA - Langley & Surrey, BC
Royal Pro Real Estate Network - Langley, BC

It will definitely be interesting, Tim, to see if 2012 holds steady or increases, as you predict.  I've got my fingers crossed that the drop in foreclosure notices is an indicator that things are looking up!

Jan 16, 2012 10:25 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Tim, this is SUCH GOOD NEWS!     Once our distressed inventory is gone, our regular sellers will again start increasing in value! 

Jan 17, 2012 01:05 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Joni

I know one was Navada the other was either Arizona or Florida not sure.

Jan 17, 2012 01:39 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Pancita

I believe that is exactly what we will see in 2012.

Jan 17, 2012 01:40 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Karen

I really hope you are correct in your predictions or interpretation is the one that is correct.

Jan 17, 2012 01:42 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I'm with you Joan let's clear the decks and get going.

Jan 17, 2012 01:43 AM
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

I am hoping for the best. We have very low inventory in the East Bay and buyers are trolling on a daily basis.

Jan 17, 2012 01:32 PM
Stacey Smith
Keller Williams Realty - Aliso Viejo, CA
Your Orange County Beach Cities Realtor

Hey Tim.. It was great meeting you today! I just joined that office last week.. Really like it there!

Jan 17, 2012 02:30 PM
C. Lloyd McKenzie
Living Albuquerque - Albuquerque, NM
Living Albuquerque

Good Evening Tim:

Lower foreclosure filings is good news.  Let's hope that this trend will continue for the foreseeable future

Jan 19, 2012 03:44 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Let's home there is no shadow inventory.  Let it be a myth.

Jan 20, 2012 05:05 PM
Hazy Oberski
RE/MAX Four Seasons Realty - Asheville, NC
Asheville, NC

Tim, someone told me yesterday that it would make a great card.  I actually create my own greeting cards online so I am going to put the photo of the snow covered church in one. You are right , it will also make a beautiful Christmas card. My little granddaughter said it is her favorite picture. Of course, she always says that about photos with her and her Dad too :)

 

Jan 21, 2012 03:05 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Vickie

We have seen an increase in activity in our area as well

Jan 21, 2012 04:49 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Stacey

It is a really wonderful office welcome.

Jan 21, 2012 04:50 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

C. Lloyd

That is good news and I hope it transulates to some change in the market.

Jan 21, 2012 04:51 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Jane

We are on the same page there.

Jan 21, 2012 04:52 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Hazy

That is a really special pic.

Jan 21, 2012 04:53 AM