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A recent analysis by RealtyTrac, a foreclosure listing firm, revealed...

A recent analysis by RealtyTrac, a foreclosure listing firm, revealed that the number of new foreclosures is steadily decreasing. So far this year, researchers noted an 11 percent reduction from previous year. The decline in foreclosures is the result of several factors. A brighter outlook for job growth combined with low mortgage rates means that the worst of the recession is over and the real estate market is on it's path to recovery. Foreclosure expert Travis Jones of Rush Properties says that the higher demand for properties combined with a shortage of available homes have pushed home prices to rise slowly but surely since the previous year.

The national trend indicates that the country is past it's worst, says Travis Jones, Rush Properties' former president. Florida and Nevada have fared worse than other states when it comes to foreclosures, as those states we're among the hardest hit. One of every 300 homes in Florida is in foreclosure. Nevada follows in second place, with Illinois in third place.

Rising home values help homeowners gain more equity, which can lower the foreclosure risk by helping them refinance their mortgages or help them sell their homes at a better price, says Travis Jones of Rush Properties. According to CoreLogic, nearly 1.5 million homeowners who we're behind in the mortgage payments we're positioned into positive equity in the first few months of 2012.

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Since the property supply is more limited, many properties draw multiple offers, which creates a sellers' market. This indicates that even bank-owned homes are now selling for higher prices, says Travis Jones of Rush properties. That has motivated banks to authorize more short sales to help homeowners avoid foreclosure. A short sale happens when a lender accepts a smaller amount for a property than what the seller owes.

According to Travis Jones of Rush Properties, fewer foreclosed homes and higher prices means encouraging news for all homeowners since these homes won't be dragging down the value of nearby properties.

Do hope you enjoyed reading this. I ought to point out that this was requested by Jon at JMD Law. always appreciate suggestions and comments.

Notes

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Posted in Moving and Relocating Post Date 08/21/2015


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