Foreclosure activity continues to slow.
According to RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings nationwide fell 35 percent as compared to July 2010, a statistic suggesting that the housing market continues to improve.
“Foreclosure filing” is a catch-all term encompassing default notices, scheduled auctions, and bank repossessions.
Filings fell to a 44-month low in July 2011.
For all the improvement, though, activity remains concentrated in just a few states. More than half of all bank repossessions last month occurred in just a handful of states.
In July, 6 states accounted for 52% of activity.
- California : 19% of all repossessions
- Georgia : 8% of all repossessions
- Florida : 7% of all repossessions
- Texas : 6% of all repossessions
- Michigan : 6% of all repossessions
- Arizona : 6% of all repossessions
At the other end of the spectrum is Vermont. With just 11 repossessions for all of July, Vermont accounted for 0.016% of repossessions nationwide.
Distressed homes are in high demand with today’s home buyers. According to the National Association of REALTORS®, they account for 30% of all home resales. That’s no surprise, either.
Distressed homes typically sell at 20 percent discounts as compared to non-distressed ones.
But, if buying a foreclosure is in your agenda, be sure to do your homework. Buying bank-owned homes is different from buying from “people”. The contracts are different, the negotiations are different, and the homes are sometimes sold with defects.
If you plan to purchase a foreclosure in Franklin , therefore, be sure to speak with a licensed real estate agent first. There’s plenty of available information online but when it’s time to buy, have an experienced agent on your side.
Latest posts by Phillip Cantrell (see all)
- Why More and More People are Calling Nashville Home - May 17, 2017
- Top 5 Apps for Smart Real Estate Agents - March 23, 2017
- How to Promote Your Open House During Cold Weather - January 25, 2017