Lowest Home Foreclosure RatesAccording to MSN online, this December marked a 49-month low in home foreclosure filings. More specifically, there were 205,024 foreclosures on U.S. properties during the twelfth month of the year equating to a 20% decrease compared to December 2010 and a 9% decrease from November 2011.
However experts are saying it’s not that the real estate market is better, it’s just that lenders are taking 24% longer to foreclose on a house than they use to before the robo-signing situation. This scandal actually reduced foreclosures by 34% in 2011 compared to the year before. There are other factors that are believed to stall the process including documentation delays, legal issues and simply no housing demand. In judicial states such as New York and Florida where the home foreclosures are dealt with in court, it takes even longer for the process to go through. For example, in New York it takes about 1,019 days for a foreclosure to happen, in Florida it’s 806 days. This compared to an average of about 340 days.
Last year, the highest foreclosure rate was in Las Vegas where one out of every 14 homes received a foreclosure filing. Another alarming statistic includes California , where 10 out of the 20 major metro areas were foreclosed on including Bakersfield, Modesto and Stockton.
Realtors are thinking also that there are many distressed properties but that there aren’t being serviced because they feel no one wants them. So they fear that there’s a huge inventory of homes that will hit the market at once. Default notices and auctions have been dropping but the number of bank repossessions or real-estate owned properties increased by 10%.
For now, the local Raleigh movers learned that there’s a supply of about 1.4 million distressed properties that hasn’t fully made its way onto the real estate market.
If you’re being foreclosed on, make sure you work with an affordable and professional moving company. All My Sons of Raleigh is backed by four generations of expert movers and a huge network of moving offices across the states, such as All My Sons of Nashville, All My Sons of Jacksonville, All My Sons of Atlanta and more. The local Raleigh moving specialists will quilt pad wrap your furniture and make sure all of your household items and personal belongings make it to your new place safe and undamaged. When it’s time for your residential move, call All My Sons of Raleigh for a stress-free moving day.