According to foreclosure-tracking firm RealtyTrac.com, bank repossessions reached record levels for the second straight month in May, topping 93,000 properties nationwide.
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 Philadelphia. Foreclosed homes are prevalent, available and accounted for one-third of all home resales made in April.
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 a huge influence on the housing market.
However, two interesting trends emerged in the data:
- 9 of the top 10 metro areas for foreclosure posted annual activity decreases
- Each of the top 4 states for Foreclosures per Household posted annual activity decreases
We can infer, therefore, that 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 slow 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.
To complement your research, talk to our real estate sales people 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, and since we represent large national lenders like Freddie Mac and Fannie Mae we can help you research properties that are currently on the market and navigate the process of purchasing an REO property easily.
Finding a good deal on an REO property can be easy. You just have to know where to look.
