Your FREE ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL- 04/25/2013 list has been posted.
The number of homes lost to foreclosure is closing in on levels not seen since before the housing meltdown.
Foreclosure filings -- including notices of default, scheduled auctions and bank repossessions -- during the first quarter fell 23% from a year earlier, the lowest level since the second quarter of 2007.
Last month, banks repossessed just under 44,000 homes. In September 2010, repossessions topped 100,000 a month.
"We're getting back to normal and will be there by next year," said Daren Blomquist, vice president at RealtyTrac.
For the past couple of years, foreclosures have been on the decline as homeowners seek alternatives like short sales, in which they sell their home for less than what they owe and the bank agrees to forgive the difference.
The deals are preferred by the banks over foreclosures and have less of a negative impact on a consumer's credit score. But now even the need to turn to short sales is waning.
Government initiatives, like the Home Affordable Modification Program and Home Affordable Refinance Program, have helped millions of borrowers avoid foreclosure. And last spring, under a $25 billion settlement deal with state and federal officials, the nation's largest mortgage lenders agreed to help struggling borrowers by lowering their mortgage rates, reducing their principal and other fixes.
Now, the landscape of foreclosures is starting to look a lot like it did in the pre-bust years, said Blomquist.
A larger percentage of the nation's foreclosure activity is occurring in areas suffering from severe economic problems, such as "Rust Belt" cities like Rockford, Ill. and Chicago, not in the recently-developed, mid-to-upper class neighborhoods of California, Florida and Arizona that were hit hardest when the housing bubble burst, he said.
With prices expected to continue to rise -- they were up more than 8% year-over-year in January -- the number of short sales should continue to fall, and so should foreclosures, according to Blomquist.
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