Mar 23

Foreclosure Rates Near a ‘Significant Milestone’

Foreclosure Rates Near a ‘Significant Milestone’

 

Foreclosure Rates Near a ‘Significant Milestone’. Image courtesy of digitalart / FreeDigitalPhotos.net

Foreclosure Rates Near a ‘Significant Milestone’. Image courtesy of digitalart / FreeDigitalPhotos.net

Foreclosures continue to fall across the country and the return to normal levels may be on the horizon for many places, according to a new report.

Foreclosure filings fell 4 percent in February, reaching the lowest level since July 2006, according to RealtyTrac’s U.S. Foreclosure Market Report. Foreclosure filings reflect the number of default notices, scheduled auctions, and bank repossessions. The U.S. foreclosure rate now stands at one in every 1,295 homes that received a foreclosure filing in February.

“Given that August 2006 was the peak of the housing bubble, this eight-and-a-half year low in foreclosure activity is a significant milestone and a sign that nationwide foreclosure activity is on track to return to historic norms this year — and is possibly even headed below historic norms given the skinny-jeans-tight lending standards over the past five years,” says Daren Blomquist, vice president at RealtyTrac. “In markets where foreclosures were processed more efficiently we are seeing foreclosure numbers now below pre-crisis levels in some cases. Conversely, the cleanup of deferred distress is continuing in markets where a logjam of in-limbo foreclosures is still lingering from the housing crisis — as evidenced by rebounding foreclosure activity in those markets.”

24 states posted year-over-year increases in foreclosure activity. Activity was most elevated in Massachusetts (up 53% year-over-year) and New York, up 19 percent.

States With the Highest Foreclosure Rates

The following states posted the nation’s highest foreclosure rates:

1. Maryland: 1 in every 564 housing units received a foreclosure filing in February (foreclosure activity has fallen 1 percent compared to a year ago there, however)

2. Nevada: 1 in every 569 homes received a foreclosure filing (a 12 percent rise from a year ago mostly from a rise in foreclosure starts)

3. Florida: 1 in every 570 housing units (despite a 35 percent decrease in foreclosure activity compared to a year ago)

4. Indiana: 1 in every 871 housing units

5. Idaho: 1 in every 877 housing units

6. New Jersey: 1 in every 895 housing units

7. Illinois: 1 in every 906 housing units

8. Delaware: 1 in every 957 housing units

9. Ohio: 1 in every 1,000 housing units

10. North Carolina: 1 in every 1,088 housing units

Source: RealtyTrac

admin

For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.

Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.

Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.

When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.

For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.