Foreclosures Decline in 2013
It looks like 2013 might finally be the year that foreclosures start to decline. According to RealtyTrac, nationwide, lenders repossessed over 30% fewer homes last month than they did a year ago, in July of 2012. They also initiated foreclosure proceedings on nearly 40% less homes than they did in July 2012. If you look at how 2013 has gone so far, we have the fewest foreclosures this year since 2007.
Of course, nearly 20% of all homes in the country that have a mortgage are still underwater. In a normal housing market, that number should not be more than 5%. And it’s interesting to note, though certainly not surprising, that many of those home loans were made during the real estate boom.
But overall, it’s good news for the housing market. As foreclosures decline and get off the market, with any luck housing will start to thrive again!