Friday, September 11, 2009

Positive Statistics in Foreclosure Market Suggest Hope for Home Owners

http://www.reohometours.org/images/house_for_sale_by_bank.jpg

From an article on Reuters:
NEW YORK, Sept. 8 -- ForeclosureListings.com statistics suggest some improvement in the housing market, but the good news for homeowners might
be just a temporary setback for real estate investors searching for a good deal.

Decreases in the number of foreclosure filings in each state and increases in prices in many of those same states seem to suggest good news, although the
news is still mixed in some parts of the country. In five of the top markets, filings have decreased: California (down by nearly 5%), Michigan (down by just
over 4%), Florida (down by 8.5%), Arizona (down by 9%), and Texas (down by more than 7%). However, Colorado has seen the largest drop in foreclosures
with a decrease of more than 13%. Unfortunately, the statistics are not so promising for all states. West Virginia, for example, saw an increase in
foreclosures of more than 17%.

Within these and other key states, the changes in foreclosure filings in major cities also seem to be showing improvement with only a few exceptions. In
Phoenix, the number of foreclosures dropped by over 8%, the rates in Memphis fell by nearly 12%, the filings in Miami toppled by just over 14%. Other
states also saw a decrease: Atlanta (2%) and Houston (3.7%). However, both Chicago and Detroit saw their rates of foreclosure increase by less than 1%
and by just over 5%, respectively.

Although fewer foreclosures can help reduce the supply of available homes on the market, the prices are also important. In four out of the five top real
estate markets, prices have increased. In both California and Florida, the price increase is less than 1% bringing the average costs to $347,878 and
$222,950, respectively. Michigan's home prices went up by 1.4% to $91,614 while the prices in Texas increased by 4.8% to $116,016. Prices actually
decreased in Georgia: falling 2.6% to $126,914. The lowest average price for homes, according to ForeclosureListings.com, is $60,940 in Ohio.


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1 comments:

CoachingByPeter September 21, 2009 at 1:10 AM  

One factor that may affect anyone's foreclosed property is their credit score. It has great impact especially if one is trying to apply for a loan or credit card. If possible, it's better to pay mortgage loan on time to avoid foreclosure.