Foreclosure Activity Falls For The 4th Straight Month

Foreclosures concentrate in 4 states (November 2009)Since peaking in July 2009, national foreclosure activity has dropped through 4 consecutive months.

On a month-to-month basis, November’s foreclosure activity fell another 8 percent.

However, national foreclosure activity continues to be dominated by a minority of states.

As reported by RealtyTrac.com, more than half of November’s foreclosure-related activity sourced from just 4 states:

  1. California
  2. Florida
  3. Illinois
  4. Michigan

These are the same 4 states that topped October’s foreclosure activity despite three of them posting month-to-month declines last month.

The remaining Top 10 states in terms of total foreclosure activity include Arizona, Texas, Ohio, Georgia, Nevada and New Jersey.

If you’ve been actively looking at REO lately, you’ve likely noticed that true bargains are harder to find.  This is because buyers of all types — first-timers, move-ups, and investors — are purchasing bank-owned homes aggressively and getting better at identifying the “best ones”.

But just because supplies are dwindling doesn’t mean you should just jump in.  Buying foreclosures isn’t for everyone for two very strong reasons:

  1. Homes are often sold as-is and may have “issues”
  2. The closing process can be unpredictable

Therefore, if you’re thinking of buying a foreclosed home, be sure to talk with your real estate agent about potential problem before going under contract.  Better too soon than too late.

There are still good deals in the foreclosure market, but based on November’s data, they may not last through the winter.  “Distressed home” sales now account for 30 percent of home resale activity.

Personally I don’t think we are out of the woods yet. I think there is more to come in the future especially in 2010. I have been trained to help distressed Knoxville home owners avoid foreclosure. The Realtors with the  CDPE designation are the best in the business and I can help you avoid foreclosure. If you want to talk about your situtation call me at 865-675-8326 or email me at Rick@TheBigOrangePress.com

Check out my site at KnoxvilleHomeSaver.com for all your options

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