In March, there were foreclosure filings on about 117,000 properties throughout the country, up 4% from February, but down 23% from a year earlier, online foreclosure marketplace RealtyTrac said. Such filings include default notices, scheduled auctions and bank repossessions. In addition, trends show national improvement: For the first quarter, there were about 342,000 properties with foreclosure filings, also down 23% from a year earlier.
Looking nationally, the pipeline of foreclosures has narrowed since the housing bubble burst. The past year in particular has seen a rebound for the U.S. housing market, with rapidly rising prices enabling many troubled borrowers to gain equity. But at the state level, the foreclosure news is somewhat darker, with 19 states posting annual growth in foreclosure starts for the first quarter. A start is the first public notice of a foreclosure, such as notices for default or a trustee’s sale. Check to see whether your state is among the 19 where foreclosures are headed higher.
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Foreclosures and SHorts were 20%-22% of our MLS for several years. It recently dropped to about 15%. Time to get more distressed inventory on the market!
ReplyDeletePlenty of distressed properties coming!
ReplyDelete