For the 9th straight month last month, foreclosure activity slowed.
According to foreclosure-tracking firm?RealtyTrac, the number of foreclosure filings dropped 29 percent nationwide on an annual basis in June.?The phrase ?foreclosure filing? is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.
June marked the ninth consecutive month of sub-300,000 filings after 20 months above it ??a promising signal for the housing market in Florida and nationwide.
It?s also noteworthy that each of the 10 most foreclosure-heavy states showed fewer foreclosures in June 2011 as compared to June 2010, led by Florida?s 54% decline. Florida is one of 4 states on the leading edge of foreclosure activity since 2007.
The other 3 states performed similarly well in June:
- California : -22% on an annual basis
- Arizona : -7% on an annual basis
- Michigan : -25% on an annual basis
The decrease in foreclosure filings comes at a time when buyer demand is highest. According to the National Association of REALTORS?, ?distressed properties? account for more than 30 percent of all home resales and no wonder ? homes in various stages of foreclosure or sold by short sale are selling with discounts of 20 percent versus comparable non-distressed homes.
For buyers in search of foreclosures in the The Crossings area , talk with a licensed real estate. Buying homes in foreclosure follows a different process path as compared to buying a ?traditional? home. Make sure you seek the help of a professional.
Source: http://www.mortgagechiliblog.com/foreclosures-june-2011/
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