For The 9th Straight Month, Foreclosure Filings Fall

Foreclosure changes 2010-2011

For the 9th straight month last month, foreclosure activity slowed.

According to tracking firm RealtyTrac, the number of  filings dropped 29 percent nationwide on an annual basis in June. The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.

June marked the ninth consecutive month of sub-300,000 filings after 20 months above it – a promising signal for the housing market in New Jersey and nationwide.

It’s also noteworthy that each of the 10 most foreclosure-heavy states showed fewer foreclosures in June 2011 as compared to June 2010, led by Florida’s 54% decline. Florida is one of 4 states on the leading edge of foreclosure activity since 2007.

The other 3 states performed similarly well in June:

  • California : -22% on an annual basis
  • Arizona : -7% on an annual basis
  • Michigan : -25% on an annual basis

The decrease in filings comes at a time when buyer demand is highest. According to the National Association of REALTORS®, “distressed properties” account for more than 30 percent of all home resales and no wonder — homes in various stages of foreclosure or sold by short sale are selling with discounts of 20 percent versus comparable non-distressed homes.

For buyers in search of foreclosures in the Collingswood, NJ area , talk with a licensed real estate agent. Buying homes in foreclosure follows a different process path as compared to buying a “traditional” home. Make sure you seek the help of both a mortgage professional and real estate professional.

It is important to have a local area expert who is familiar with working with distress sales. A popular option for financing for this homes is FHA 203K. Using this product you can even up walking into instant equity in your new home. It’s another way to benefit from the current housing market. The best way to find great real estate deal in Collingswood, NJ by working with your local area experts who know the area the best and have an eye for a great deal.

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