Most Metros Showing Decline in Foreclosures

According to the popular foreclosure-tracking firm RealtyTrac.com, bank repossessions reached record levels for the second straight month in May, topping 93,000 properties nationwide.  Yea, that’s still a lot.

As compared to May 2009, all 50 states now show an increase in annual REO activity.

Data like that won’t surprise today’s active home buyers in Des Moines.  Foreclosed homes are prevalent, available and accounted for one-third of all home resales made in April of 2010.

Furthermore, total foreclosure actions — the sum of REO, default notices, and foreclosure auctions in May — topped 300,000 for the 15th straight month.

Foreclosures remain to be a huge influence on the housing market.

However, two interesting trends emerged in the data:

1. 9 of the top 10 metro areas nationally for foreclosure posted annual activity decreases
2. Each of the top 4 states for Foreclosures per Household posted annual activity decreases

Home Values will Benefit with Slowing Foreclosure Rates

Foreclosure activity may be in permanent decline in the areas hardest hit through 2007, 2008, and 2009.  In 2010, the data shows, foreclosures are waning.

This is reason for optimism — especially as FHA delinquencies are slowing nationwide. As fewer homeowners go delinquent, the pace of foreclosures will slow further and that should help boost home values on every block in the country.

If you’ve been considered bank-owned homes for your own purchase, give a look at the RealtyTrac foreclosure report.  It’s provides insight on a state-by-state level, and in the nation’s largest metropolitan areas.

Then, to complement your research, talk to your real estate about the foreclosure market and what opportunities may exist.   Competition for bank-owned homes can be fierce at times, but there’s plenty of “deals” out there.

You just have to know where to look.  If you need help looking, I can help.  Send me a message and I’ll help you get started with your search!

Tagged as: foreclosures, RealtyTrac