Foreclosure Activity Falls For The Second Straight Month, Drops To 30-Month Low

By
Real Estate Mortgage Broker with Pacor Mortgage Corp

Foreclosure concentration December 2010According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings nationwide dropped for the second straight month in December. After falling 21 percent in November, filings were down by an additional 2 percent in December.

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

Like most months, a small number of states dominated December's national foreclosure figures. 6 states accounted for more than 50 percent of all bank repossessions.

  1. California : 17% of all repossessions
  2. Florida : 11% of all repossessions
  3. Arizona : 6% of all repossessions
  4. Michigan : 6% of all repossessions
  5. Texas : 6% of all repossessions
  6. Nevada : 4% of all repossessions

December's foreclosure filings fell to its lowest levels since June 2008, but we can't read into the report too much just yet. Foreclosure volume continue to be dampened by lawsuits and moratoriums related to controversy surrounding the so-called robo-signers.

Foreclosure activity may have lessened in December anyway, but we can't know for certain. 

Distressed properties are in high demand among home buyers, accounting for one-third of all home sales; typically sold at a steep, 15 percent discount as compared to non-distressed properties.

Buying foreclosures can be a terrific "deal".

That said, buying a foreclosed home is different from buying a non-foreclosed home. Specifically, because you're buying from a bank and not a person, contracts may vary from what's "customary" and negotiations may be drawn-out.

It's one reason why buyers in Oak Lawn  -- first-timers and investors alike -- should talk with a real estate agent before writing an offer for a foreclosed property. You can learn a lot from the internet, but when it comes time to actually purchase a home, you'll want an experienced professional on your side.

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Topic:
Mortgage / Finance
Location:
Illinois Cook County Oak Lawn
Groups:
Chicago Area Real Estate BUZZ!
Chicagoland and Northern Illinois Real Estate
Chicago-Northern Illinois Real Estate
NAPERVILLE ILLINOIS REALTORS
Tags:
realty trac
distressed properties

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Rainer
207,162
James L. Katz
Katz Realty Group

while i want to believe that this data indicates a wonderful trend, this drop is only because many lenders suspended foreclosures during the holiday season. 

January 13, 2011 11:52 AM
Rainmaker
639,955
Gene Mundt
Mortgage Lender - Chicago/Chicagoland Mortgages
www.genemundt.com

Whether we're actually seeing a "break in the action" and downfall trend with foreclosure .. I still view this as somewhat positive and definitely favorable for Illinois.  We have our fair share of foreclosure and distressed sales, but at least we're not in this "top of" list.  Things could be worse, huh?

Gene

January 13, 2011 02:27 PM
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Rainmaker
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Kevin Lanham

Chicagoland FHA Expert
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