Are There Any Foreclosure Deals Left?

By
Real Estate Sales Representative with Keller Williams Realty

For the eighth straight consecutive month, national foreclosure activity in the U.S. was dominated by a small set of states.
As reported by RealtyTrac.com, more than half of October's foreclosure-related activity came from just 4 states:
1. California
2. Florida
3. Illinois
4. Michigan
The remaining Top 10 states in terms of total foreclosure activity included Arizona, Georgia, Texas, Ohio, New Jersey, and Maryland.
Foreclosures are up 19 percent from last October, but a deeper look at the RealtyTrac report revealed two positive developments for the housing market.
1. Foreclosure activity is down 3 percent from last month
2. Foreclosures per Household decreased in 9 of the 10 most heavily concentrated states
Furthermore, Nevada's foreclosure pace is down 4% from last year. This is a big deal because Nevada has long led the nation in foreclosure-related activity. Until last month, Nevada's year-to-year foreclosure rate hadn't fallen in more than 4 years.

According to an industry trade group, distressed homes account for nearly one-third of home resale activity. Distressed homes range from foreclosures, foreclosure auctions and short sales, etc. We're seeing numerous short sale listings go to closing within 2-5 months now, and for great prices - call me anytime for more info. And if you know someone else who's upside down in the mortgage and needs help...tell them not to wait for their bank to decide their fate - Take Back Control! Call 703-400-6757 today. Thanks to Ken Byrne, Vice President for Residential Lending of First Savings Mortgage Corp (703-883-9582 ) for some of the content in this posting.

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Topic:
ActiveRain Community
Location:
Virginia
Groups:
Virginia Foreclosures Short Sales and REO (and Pre-Foreclosures)

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Rainmaker
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Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County

Jennifer:  For the longest time... Illinois and Michigan were not in the top four, but Las Vegas and Phoenix were.  Perhaps things have settled down in Vegas and Phoenix, and obviously the job losses in Illinois and Michigan have spurred many more foreclosures.  Very sad.

November 13, 2009 12:43 PM
Rainmaker
238,291
Gene Allen
Realtor Hampton Roads Real Estate
Resh Realty Group

It is still supposed to be like this for a while.  The longer unemployment stays high more homes will be foreclosed on.

November 15, 2009 06:44 AM
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Rainer
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Jennifer Young

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