Foreclosures the Lowest in Over 3 Years

Posted by Carlos German on Wednesday, June 1st, 2011 at 10:53am.

News gets better in the housing market as foreclosure filings dropped to over a three year low in April.  This is great as fewer home owners are losing their homes. It is said that the slowdown is coming from delays in processing foreclosure paperwork but optimists believe the end of the crisis may be near as inventory level reduces and sale numbers rise in many areas of the country.

The numbers don’t lie.  Foreclosure filings (notices of default, scheduled auctions, and bank repossessions) sank 34 percent from a year ago last month, making the lowest it’s been since December of 2007.  8.6 percent less homes were repossessed in April than in March and that’s a 32 percent drop from last September’s high point.

Hope of improvement is present; with the unemployment rate finally declining, more home owners will be able to make their mortgage payments. In addition banks are effecting more loan modifications to keep borrowers in their homes, they completed 77,000 mortgage modifications in March, a 26 percent increase from February of this year.

Although inventory has greatly reduced due to the great decrease in foreclosures, this is your chance to take advantage of historically low prices.  If current trends continue, the great deals buyers in the Disney World / Orlando area are accustomed to will surely be hard to find.

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