Foreclosures Are Lower In March Of 2012

By
Real Estate Agent with Sellstate Pacific Realty BRE #01044712

On May 1, 2012, Esther Cho of dsnews.com reported that foreclosures were down about 19% to 69,000 in March of 2012, from 85,000 in March of 2011, and loans in  foreclosure decreased close to 6% or 100,000, in March 2012 compared to the year before. All homes with a mortgage were lower, up-to 1.4 million homes, or 3.4% were in the national foreclosure inventory as of March 2012 compared to 1.5 million, or 3.5%, the same month a year ago, and  same as 1.4 million, or 3.4%, in the prior month of February. Delinquencies are also dropping to 7% in March of 2012 from 7.5% a year ago, and remained unchanged compared to the prior month.

Highest % of Foreclosure Inventory
1. Florida (12.1%)
2. New Jersey (6.6%)
3. Illinois (5.4%)
4. Nevada (4.9%)
5. New York (4.9%)

Lowest % of Foreclosure Inventory
1. Wyoming (0.7%)
2. Alaska (0.8%)
3. North Dakota (0.8%)
4. Nebraska (1.1%)
5. South Dakota (1.4%)

Five States with the Most Foreclosures (Over 12 months ending in March 2012)
1. California (150,000)
2. Florida (92,000)
3. Michigan (62,000)
4. Arizona (58,000)
5. Texas (57,000), five states account for 49.1% of all completed foreclosures nationally; according to CoreLogic’s National Foreclosure Report for March of 2012.

It appears that home buyers were motivated to buy foreclosure properties in March of 2012, with the help of historic low interest rates and lower priced distressed properties.

For more complete information, on the March of 2012 foreclosure inventory, please visit
http://www.dsnews.com/articles/foreclosures-down-to-69000-in-march-inventory-also-indicating-alternatives-being-used-2012-05-01

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