To say the last several years have been tumultuous for the real estate industry would be an understatment. The numbers though have been indicating that things may well be turning around and the signs all point to a recovering market. But will it last though? I'm going to have to say yes, primarily because foreclosures plummeted, however, the amount of distressed properties remains high.
There were 48,000 foreclosures in August, down from 72,000 during the same time the proceeding year. We're beginning to see bad loans be worked through and out of the system. Rising home prices and relatively low interest rates are helping distressed home owners refinance.
The states with the highest foreclosure rates were: Florida with 12.3%, New Jersey with 10.8% and Nevada with 8.6%.
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