U.S. Housing Market Recovery : Huge Drop In Foreclosures Within Key U.S. Cities

Buying a foreclosure? Time to find a “great deal” may be running out.

According to foreclosure-tracking firm RealtyTrac, May 2013 foreclosure filings tallied less 150,000 in May, which is near a six-year low. Banks are repossessing far fewer homes as compared to one year ago.

Foreclosed homes sell at steep, 20% discounts.

Click here for foreclosure mortgage rates.

foreclosure-activity-by-city-201305

U.S. Housing : Fewer Foreclosures To Buy Nationwide

Foreclosure filings are fewer these days. Down 28 percent from one year ago, the number of U.S. homes requiring bank action is dropping.

In May, foreclosure activity rose rose 2 percent from the month prior to 148,054 filings nationwide where “foreclosure filing” is defined as any one of the following foreclosure-related events : (1) The serving of a default notice, (2) A scheduled home auction, or (3) A bank repossession.

There are several reasons why foreclosure rates are down. Rising home values is among them.

Nationwide, the typical home is valued 7.7% higher as compared to last year. As home equity levels rise, U.S. homeowners can refinance out of “trouble” with fewer hurdles, and can consolidate debt more easily, if wanted. These options reduce the likelihood of foreclosure.

Similarly, rising home equity levels can make it profitable to sell a previously-underwater home. This is especially important throughout California, Florida and Arizona where home values were decimated in last decade’s housing downturn.

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Realtor with Greg Garrett Realty, actively licensed in the state of Virginia

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