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| Foreclosure Activity Falls For The 4th Straight Month Posted: 10 Dec 2009 07:15 AM PST
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:
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:
Therefore, if you're thinking of buying a foreclosed home, be sure to talk with your real estate agent about potential problems 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. |
Since peaking in July 2009, national foreclosure activity has dropped through 4 consecutive months. | You are subscribed to email updates from Atlanta Real Estate -- Peter Bright, Mortgage Blogger To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
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