Foreclosures Slow While Default Notices Increase Sharply
The foreclosures are slowing down nationwide and it's definitely reflected in the top ten states in the country responsible for foreclosures. The graph above shows you how the activity is slowing down which many are trying to spin into a positive sign for a housing recovery.
The bigger news is likely the sharp increase in default notices which definitely indicates that there is not a strong recovery if any in the works. The states below are the current numbers from the states with the most foreclosure activity:
- California : 18 percent of bank repossessions
- Florida : 8 percent of bank repossessions
- Georgia : 7 percent of bank repossessions
- Michigan : 6 percent of bank repossessions
- Texas : 6 percent of bank repossessions
- Arizona : 6 percent of bank repossessions
The good news is if you're a buyer you have many option available to you and an extremely strong buyers market with historically low interest rates maximizing your purchase power. The option to purchase one of many foreclosed or distressed homes is providing huge savings. The average savings on a distressed home is about 20 percent currently and could go higher if more foreclosure activity continues.
If you have any question as a buyer or homeowner looking to refinance then simply contact a loan officer now and get a free consultation, call now toll free (866) 825-6261.