Colorado Springs Real Estate Connection ? Foreclosures Sink To 4 ...

Foreclosure activity continues to slow.

According to RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings nationwide fell 35 percent as compared to July 2010, a statistic suggesting that the housing market continues to improve.

?Foreclosure filing? is a catch-all term encompassing default notices, scheduled auctions, and bank repossessions.

Filings fell to a 44-month low in July 2011.

For all the improvement, though, activity remains concentrated in just a few states. More than half of all bank repossessions last month occurred in just a handful of states.

In July, 6 states accounted for 52% of activity.

1. California : 19% of all repossessions
2. Georgia : 8% of all repossessions
3. Florida : 7% of all repossessions
4. Texas : 6% of all repossessions
5. Michigan : 6% of all repossessions
6. Arizona : 6% of all repossessions

At the other end of the spectrum is Vermont. With just 11 repossessions for all of July, Vermont accounted for 0.016% of repossessions nationwide.

Distressed homes are in high demand with today?s home buyers. According to the National Association of REALTORS?, they account for 30% of all home resales.?That?s no surprise, either.

Distressed homes typically sell at 20 percent discounts as compared to non-distressed ones.

But, if buying a foreclosure is in your agenda, be sure to do your homework. Buying bank-owned homes is different from buying from ?people?. The?contracts are different, the negotiations are different, and the homes are sometimes sold with defects.

If you plan to purchase a foreclosure , therefore, be sure to speak with a licensed real estate agent first. There?s plenty of available information online but when it?s time to buy, have an experienced agent on your side.

For more information on applying for a conventional or FHA loan,
please contact Dan Green: dan.green@waterstonemortgage.com

For more information on buying a home in the Colorado Springs real estate market,
please contact the Wagner iTeam (719) 434-8346

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August 15th, 2011 by Mariana Wagner | Leave A Comment

This entry was posted on Monday, August 15th, 2011 at 8:47 am and is filed under Mortgage and Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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Source: http://coloradospringsrealestateconnection.com/foreclosure-realty-trac-july-2011/

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