Foreclosings Dwindle

Less and less foreclosure signs have been sprouting up in the past several years, which has been excellent for the industry.

A foreclosure filing includes default notices, and auctions and bank repossessions. These have dropped 19% across the country from the first quarter of 2016. This is roughly 235,000 homes! 

A report by Attom Data Solutions, a real-estate data firm, claims these are the lowest level of foreclosures since the third quarter of 2006! 

If we view this on a local level, more than 100 markets fail sufficiently below pre-recession foreclosure levels, which is up from 78 markets last year. These cities that still have a higher number of foreclosures include Philadelphia, New York, and Boston.

In March 2016 foreclosure rates were up 24% compared to March 2017. However, March rates are up 6% from February. 

The state of new jersey had the highest rate of foreclosures followed by Maryland in Nevada.

Since foreclosure rates are dropping, this indicates a strengthening housing market. It may also impact the affordability crisis that is popping up throughout the country. And because people are finding it harder to afford houses, they are choosing to rent rather than buy. 

Regardless, we like seeing the rate of foreclosures shrink!

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