Foreclosure Proceedings Decline for the First Time Since ’05
Foreclosure Proceedings Decline for the first time since ’05!
The real estate market may finally be recovering since foreclosures are at their lowest level since the housing bubble. This is great for property values and people that own property now.
The Stats
There are 613,874 homes in some state of the foreclosure as of June 30th 2014 in the United States. This is down 19% from the second half of 2013 and down 23% from the first half of 2013.
By the end of June of 2014 there were 315,895 new foreclosure proceedings started in 2014 which is at a pace for 632,000 for the year. 747,728 foreclosures were reported in 2013 so 2014 had a significant drop in foreclosures compared to 2013, over 15%!
June 2014 had 47,243 new foreclosure proceedings started which is down 4% from May 2014 and down 18% from June 2013. This is the lowest level of new proceedings since November 2005, the year of the housing bubble.
The Truth
Foreclosure Activity may be down in most parts of the United States but this is not the case for all markets. New Jersey for example had a 54 percent increase of new foreclosures activity for the first half of 2014 compared to a year ago.
Things are getting better across the country for the most part though. Many economists have agreed that a true recovery cannot begin until the foreclosure rates and shadow inventory decrease. This is great news for the real estate market and this will help raise property values in markets where foreclosure proceedings decline month after month.
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