The most recent data for United States foreclosures shows the foreclosure filings falling to their lowest level since 2007 based on July 2011 numbers.
Foreclosure filings were down 4% when compared to the foreclosure filings of June 2011. There also 35% lower than they were at the same time last year of July 2010.
According to the real estate website RealtyTrac.com, there were 212,764 filings it when it comes to foreclosures. This includes properties that were filed for notices default, auction sale, or a complete foreclosure. The total number of homes repossessed by the banks were at 67,829 for the month of July, which is down 33.6% at the highest number in September of 2010 when banks received back 102,134 him him homes or properties.
Many of the foreclosure numbers have dropped because of the Robo signing scandal which occurred in the fall 2010. This is where the banks got in trouble for not proceeding the foreclosure process according to law. This created a huge delay in the process for how quickly things could before with closure and many banks stopped the foreclosure process on many homes for several months to straighten out the Robo signing scandal.
Another headline came out this week is the fact that home ownership has now reached its lowest level since 1965. In many markets this has sparked investors start grabbing at properties because they can rent them for more than their mortgage payment and actually have some profit now with the rentals which was unheard of for five years ago in most real estate markets in the United States.
So, if your local market is moving, it may be due to the influx of real estate investors grabbing properties and renting them out. Have any noticed the increase in rents these days?
Source: http://homevocal.com/us-real-estate-news/us-foreclosures-fall-in-2011/
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