Properties starting the foreclosure process in November dips down to its lowest level since December 2005, according to RealtyTrac's U.S. Foreclosure Market Report for November. Foreclosures are down 10% from the previous month and down 32% from a year ago. Bank reposessions in November were down 19% from the previous month and down 48 percent from a year ago, the lowest level since July 2007.
"While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed," said Daren Blomquist, vice president at RealtyTrac. "While foreclosures will likely continue to stage a weak rally in certain markets next year as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold."
Savannah Housing Market
How is Savannah fairing in the foreclosure market? Keller Williams Real Estate Broker Don Callahan feels good about the housing market. When asked Don said; "As the amount of distressed home sales decline and the overall inventory decreases we are beginning to see an increase in home values. It is refreshing to see the stabilization of our local market." Good news for Savannah.
Chart and content source: RealtyTrac US Foreclosure Market Report