Foreclosures on the Decline in 2011

  Here is an interesting report that talks about real estate foreclosures across the USA not just in Nashville TN. As usual with statistics there is some read...

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Foreclosures on the Decline in 2011

Posted by Gary Ashton: RE/MAX ADMIN on Monday, January 16th, 2012 at 2:45pm.

 

Here is an interesting report that talks about real estate foreclosures across the USA not just in Nashville TN. As usual with statistics there is some reading between the lines and there is talk of a second wave of foreclosures coming on the market soon.

What the report doesn't mention that there id definitely a renewed level of real estate activity in Nashville. It's as if the country as a whole is on the same bio rythym and the thought of buying a home in Nashville, which has been in the minds of many people, seems to have become a definite possibility recently.

With the buyers market publicity and all the talk about historically low interest rates people seem to have collectively realized that this is a great time to buy a home! After a while people start to realize that this "perfect storm" cannot last for ever and if they want to get that great deal on a home then now is the time to start looking and finding their dream house...for significantly less payments than a couple of years ago!

Here is the report from Realty track via CNN:

RealtyTrac reports that foreclosure filings and repossessions were down 33 percent in 2011 to 2.7 million, the lowest level since 2007. The number of homes entering foreclosure fell to one in 69 last year, down from one in 45 in 2010; and the number of repossessed properties fell to 804,000 from 1.05 million.

The decline can be attributed to delays in processing foreclosures following the "robo-signing" scandal, which has banks spending more time on checking paperwork for accuracy and legality. That, in turn, pushed up the length of the foreclosure process to 348 days in the fourth quarter of 2011 from 305 days in the same period of 2010.

RealtyTrac CEO Brandon Moore believes foreclosures will pick up this year as lenders work through the backlog, but he does not expect a repeat of 2010's record highs. For the fifth straight year, Nevada ranked first in foreclosures, followed by Arizona and California; while Florida dropped to No. 7. Metro areas with the highest foreclosure rates include Las Vegas; Stockton, Calif.; Phoenix; and Reno.

[SOURCES: CNN Money; Information, Inc.]

 

Gary Ashton

The Ashton Real Estate Group of RE/MAX Advantage

The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!

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