Warning: file_get_contents(http://www.rewebsitepro.com/shared/blogphotos/blogphotos.json): failed to open stream: HTTP request failed! HTTP/1.0 404 Not Found in /home/awp/public_html/1597/blog/index.php5 on line 16
January ended with a 28% decline in foreclosure filings since January 2012, and the number of notice of defaults, auctions, and repossessed homes continues to fall. The housing market shows signs of recovery, and overall, the number of foreclosures is back down to levels similar to 2007.
It's my opinion that the lower foreclosure filings can be attributed to a number of factors, including the "Homeowner Bill of Rights", the recent legislation which requires banks to stop foreclosure proceedings if a borrower files for a loan modification.
Don't doubt that we will still see lots of short sales this year, which accounted for about 28% of total home sales last year, but that seems like good news as well, because it means that homeowners are finding a resolution to their mortgage debt problems and coming to an agreement with their mortgage lenders.
Overall, it still remains a great time to buy a home, with interest rates maintaining record low levels and housing prices low, but showing signs of improvement.
Foreclosure data is courtesy of RealtyTrac, Inc.
Realtor Name, REALTOR
If you, or someone you know is interested in buying or selling property, please call right away!
- Zillow Looks To Improve Price Estimates After Lawsuit
- Market Still Climbing As Sales, Prices Rise
- New Home Sales Trending Upward
- Looking To Buy? Let’s Talk Down Payments
- What Can We Expect From Real Estate This Year?
- Forget The Fall Slowdown - Home Sales At 10 Year Highs!