Foreclosures are hitting record highs according to recent industry report submitted by RealtyTrac. As per RealtyTrac, an online firm specialized in foreclosure properties, states that foreclosure filings which includes auction sale notices, home-loan default notices and bank repossessions, were reported a record high in April, 2009. The study shows that one in every 374 U.S.
households received a foreclosure filing in April which is in fact the maximum monthly foreclosure rate ever posted since RealtyTrac began issuing its report in January 2005.
Some states have witnessed a steep record high in foreclosure activity in comparison to last year. Nevada continues to post the nation’s highest foreclosure activity rate. In April, one in every 68 housing units in the Nevada state received a foreclosure filing, which is actually five times more than the national average. Total foreclosure activity in Nevada was up 111% from April 2008. In addition to this, Florida is a second state that has shown second highest rise in foreclosure activity among the other states in April. Total foreclosure filing in Florida was up 75% from April 2008. With rise of 42% from April 2008, California posted the nation’s third highest foreclosure activity rate.
The continuous slow down in jobs market and price depreciation had a significant effect on foreclosure levels. New housing affordability has turn out to be the prime concern and as a result deeply discounted foreclosure market holds for more than half of home sales activity. In fact in coming few months, RealtyTrac even estimates the foreclosure filing will further continue to increase till the world’s largest economy struggles to overcome from its second year of recession.
Housing market in US will continue to fall and experts even expect the peak of foreclosure activity now. Though the house market is down and price will continue to decrease, but if you are looking to buy any of the foreclosure property, you must take several factors in consideration like the quality and amenities of the neighborhood and much more.
For more information on foreclosure or any guidance in foreclosure investment, contact Stone Equity Group (stoneeg.com). The group specializes in assisting busy professionals build profitable real estate portfolios in changing markets. Over the years, it has built relationships with banks and large lending institutions to help liquidate non-performing assets.
