US Foreclosures: Lowest in Six and a Half Years
Although many states are still seeing increased rates of foreclosure, the nation as a whole has decreased foreclosure rates by 23% as compared to the first six months of 2012. These numbers are indicative of a recovering market, economy, and normalizing foreclosure figures.
Foreclosures have fallen 19% from the first six months of the year, bringing these rates to their lowest in six and a half years.
As these statistics are promising for the nation, several states and local markets seem to be caught in the foreclosure trap, which is quite troublesome. Arkansas repossessions were up 143%, Oklahoma 103%, Maryland 74%, Washington up 71%, New Jersey 33%, and New York 21%. On the other hand, foreclosures in Nevada came down 84%, Colorado down 62%, New Jersey 40%, Illinois 39%, and Florida 26%.
Lenders are seizing fewer homes for a number of reasons, one of which including the amount of time it takes to foreclose a home. We are seeing home values rise, which is a wonderful reason for banks to unload the foreclosed homes they have in possession, to third-party buyers, starting on a fresh cycle of loans and foreclosures.
New York and New Jersey had the longest foreclosure times, with 1,033 days on average, to complete the foreclosure process.
How does this information influence your current position in the US market? Have you experienced foreclosure in your real estate history?
Photo credit to BasicGov’s Flickr