Welcome!




Expand Your Education with These Courses from
Bundle 3: CIPS Institute (Non-US Version).
BPOs: The Agent’s Role in the Valuation Process.
Bundle 1: CIPS Core Course (US Version).
Negotiating Skills: Skills for Sales Success: Part Six.
A Consumer Advocate Approach to Real Estate & Mortgages: Courses 1 & 2.

New Foreclosures Slow in Foreclosure Hot Spots

Have a comment on this article? Share on Facebook!

By Steve Cook

Markets that experienced the biggest boom in foreclosures in 2009 and 2010 today are experiencing a decline in new foreclosures.

New data from the National Association of REALTORS®’ Local Market reports shows that the national foreclosure rate eased from 2.8 percent in June of 2011 to 2.7 percent by December, with 113 of the 163 markets surveyed experiencing a decline in their foreclosure rate over this period.

While the improvement was widespread, the largest aggregate declines occurred in markets where the rate had ballooned in 2009 and 2010. Markets in Florida and Nevada dominated the top 10 in declines, but Seattle and Spokane, Wash., also made the top 10 despite having a small overall foreclosure rate, which suggests stronger proportionate improvements and potential for robust recoveries. Miami, Fort Myers, Orlando and Sarasota, Fla. all reported the greatest declines in foreclosure rates.

Falling foreclosure rates reflect stronger employment conditions and consumer confidence as well as record low mortgage rates which are driving additional home sales. Efforts to improve the short sale process and modification programs have also had an impact.

During the period of the survey many servicers slowed their foreclosure processing activities, including new foreclosures, in hopes that the multi-state AG agreement would result in new processing standards that would reduce their risk of liability. Now that the new agreement has been signed, new foreclosure filings are expected to increase.

For more information, visit www.realestateeconomywatch.com.

Want instant access to great articles like this for your blog or newsletter? Check out our 30-day FREE trial of REsource Licensed Real Estate Content Solutions. Need easy stay-in-touch e-Marketing solutions too? Try Pop-a-Note for 99 cents!
Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.




Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com