Homes RepossessedForeclosures were at a record high in 2010. More than 1 million people lost their properties. According to CNNMONEY, nearly 2.9 million foreclosure notices were filed during the year. That was a record high, and that is just 1.7% above 2009. Impressive as this figure is, it could have been even higher had notices not gone down back in November and December when banks halted thousands of foreclosures because of the robo-signing scandal.
Many cities have had problems with foreclosures. For four years in a row, Nevada has led in the rate of foreclosures with one of every 11 households there receiving at least one filing in 2010 according to CNNMONEY. Arizona, has seen one of every 17 households received a filing in 2010, that's down 4.5% for the year. For Florida, which was hit hard, 2010 foreclosures one in 18 households and that's a drop of 6.1%. California went down to 8.5% which is one in 25 households.
2010 wasn't a good year for real estate. The mortgage industry was tough and with the robo-signing scandal it made it even tougher. Banks were basically foreclosing homes without having read the documentation. Then at the beginning of 2010, there was the HAMP (Home Affordable Modification Program) that many analysts believed would help many people avoid losing their homes. The HAMP program wasn't working all that well. There were reports of 10 new defaults for every HAMP modification according to CNNMONEY. The projections for the HAMP program were not good either. The lenders that would get a HAMP modification plummeted from 1 million to 4 million.
It will take some time for the real estate industry to climb back up. The next couple of years might be difficult and some analysts believe that as many as 11 million mortgage lenders are going to be in potential trouble and even maybe default. The housing market is pointing towards a recovery. Prices are low and buyers shouldn't have to worry about bidding wars breaking out. This combination of low prices and low mortgage rates will make the rest of the 2011 year a great time to buy a property.
If you're thinking of buying, it's a great time to shop around. You might find that dream house at a relatively low price. Real estate is a great investment and the purchase that you're going to make today, will increase in a couple of years from now, you can bet on that. Another thing you can bet on is the Atlanta movers. Our Atlanta expert moving company is licensed and insured as well as backed by four generations of moving experience. Our Atlanta moving specialists handle residential or commercial moves, including corporate relocations. If you're going to move to Atlanta, Roswell, Marietta or any of the surrounding counties make sure to call us to help you move today.