Call Us Now for a Free Consultation!
hablamos Espańol
305-672-7495

Blog

Is the End Near for the Foreclosure Crisis

Posted by Jeremy Resnick | Jan 21, 2014 | 0 Comments

Is the foreclosure crisis behind us? It looks that way, although nobody is saying home foreclosures are gone for good.

The data point to a big recovery for the housing market, with foreclosures in serious decline these days. RealtyTrac, the Irvine, Calif., real estate analytics company, reports that U.S. foreclosures fell by 14% in June, to the lowest levels measured by the firm since December 2006.

The data come from RealtyTrac's Midyear 2013 U.S. Foreclosure Market Report and show a clear trend that the U.S. foreclosure crisis is dissolving.

In fact, RealtyTrac's network of real estate professionals have a growing list of signs and findings the foreclosure scare is receding, including these five:

Real estate agents are once again focusing on solvent homes. Craig King, chief operating officer at Chase International, a Nevada real estate broker covering Reno and Lake Tahoe, says the tide is changing. “There will be a long tail on the distressed-property market for several more years, as there are a huge number of Nevada mortgages still underwater, but the NOD and scheduled foreclosure auction numbers have come down very substantially and will stay down from the highs,” King says. “The distressed market is a fraction of what it was at the peak, and the majority of agents have shifted their focus to the equity market.”

Low prices — and higher mortgages rates — are driving a foreclosure recovery. “Even as the pending foreclosures begin to hit the market, sales most certainly will continue to be brisk due to the aggressive pricing on foreclosures,” says Emmet Laffey, chief executive at Laffey Fine Homes International in New York City. “Furthermore, with mortgage rates on the rise over the last few weeks buyers will be anxious to buy and lock in their mortgage rate before they go even higher.”

Foreclosures have fallen below the 1 million mark. RealtyTrac reports that U.S. foreclosure rates have fallen by 45% since June 2012. The firm expects total foreclosures to stand at 800,000 by the end of this year — well below the 1.1 million recorded last year.

Hard-hit states are in a big recovery mode. U.S. states that saw the most severe declines in home prices are on the mend on foreclosures. For instance, foreclosure starts fell 84% last month in Nevada, and 26% in Florida.

Bank repossessions are receding. RealtyTrac says bank home repossessions are down by 35% from last year to this year. The total number of so-called REOs are on pace to hit 500,000 for the year — down from 671,000 last year.

The Law Offices of Aaron Resnick, P.A. is positioned to help homeowners with short sales, loan modifications and foreclosure defense throughout the State of Florida.

About the Author

Jeremy Resnick

Attorney Damien Aranguren is a native Floridian and was raised in Osceola County. Damien graduated with his undergraduate degree from the University of Central Florida in 2004. He received his Juris Doctor degree from Stetson University College of Law in 2008  before being hired as an Assistant A...

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Areas we Serve in Florida

We serve clients throughout Florida including those in the following localities: Miami-Dade County including Aventura, Miami, Coral Gables, Doral, Hialeah, Homestead, Kendall, Key Biscayne, Miami Beach, Miami Lakes, North Miami, Tamiami, Westchester, and North Miami Beach; Broward County including Fort Lauderdale, Hollywood, Cooper City, Coral Springs, Hallandale Beach, Oakland Park, Pembroke Pines, Plantation, and Weston; and Palm Beach County including West Palm Beach

Menu