26 July 2017

Home Foreclosure Sales Fall To Lowest Level Since 2008

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According to a study released by RealtyTrac on May 29, 2013, there were 107,371 distressed sales during Q1 2013. This accounted for 21% of the total market, down from 25% at this time last year.

During the height of the foreclosure crisis in early 2009, 45% of all homes sold nationally were foreclosures. The most striking trend in distressed property sales now is the decline in short sales, where deals are made on homes that are worth less than what sellers owe to the bank. Banks approve the sales to prevent the home from going through the costly foreclosure process, and forgive the unpaid debts. Nationally, short sales fell 35% in the first quarter, compared with 12 months earlier.

The decrease in short sales may be attributed to rising home prices as it takes away the incentive for a short sale on the part of both the homeowner and lender.

Distressed property sales will continue to shrink as fewer homeowners fall behind on their mortgages. Lenders repossessed fewer than 35,000 homes in April, a third of the number of foreclosures repossessed during September 2010. 

For the full article, please click here.  

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