US Foreclosures Down 30% in Past Year!

US Foreclosures Down 30% from October of 2012!

There were 48,000 foreclosures completed in the U.S. in October 2013, down from 68,000 in October 2012 -- a “month over month last year” decrease of 30 percent.

There have been approximately 4.6 million completed foreclosures across the country since the financial crisis began in late 2008. As a comparison to the numbers shown above, there were only about 21,000 completed foreclosures each month in the US between 2000 and 2006.

In October, 2013, 879,000 homes in the U.S. were in some stage of foreclosure (1.) loan in default, 2.) active foreclosure lawsuit or 3.) owned by a lender), compared to 1.3 million in October 2012, a year-over-year decrease of 31 percent. In other words, open foreclosures as of October 2013 represented 2.2 percent of all homes with a mortgage compared to 3.1 percent in October 2012 – a substantial drop.

Mark Fleming, chief economist for CoreLogic, recently said “This is good news for the housing and mortgage finance markets, but the rate remains elevated relative to the pre-crisis level of about 0.6 percent. There are almost 900,000 properties still in foreclosure, but a normal level would be only a quarter of that.”

Highest percentage of all mortgages in foreclosure is Florida, with 7.1%, while the lowest percentage of any state is Wyoming at just .4 %.

Foreclosures are difficult for the families and owners involved, but also create stresses for ALL homeowners.  These homes tend to sit vacant and (often) poorly maintained for many months while the foreclosure process trudges forward, and too many foreclosures or short sales in a neighborhood can “drag down” home values – thus affecting all owners in the neighborhood or city where foreclosure levels are high.

If you have any questions about foreclosed properties or any other homes in the Louisville area and surroundng counties, please give us a call!

Steve

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