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Foreclosures Down 3% Over 2011

RealtyTrac’s latest survey reported that 1,836,634 U.S. properties were foreclosed in 2012, down 3 percent from 2011. There was an increase in foreclosure activity in 25 states mainly due to the “judicial proceedings” in those states, while the other 25 states saw a decrease in foreclosure activity. Florida and Nevada continue to be the hardest hit.

What does this mean in Montana?  If only my crystal ball weren’t murky! We have overall weathered the foreclosure super storm much better than most of the states, but we were slower to begin the process and indications are we are still experiencing new foreclosures. One thing that is also clear is that we are seeing more short sales that are actually going through to sale.

 

 

 

Nationally statistics are still anticipating more foreclosures, as more home owners are finding themselves under water. That is the leading “financial term” for owners whose mortgage is higher than what the home is worth in the real estate market today. Just over 1 out of every 4 homes is showing negative equity.

 

This is a two edged sword, in that the “forced” sale of homes in short sales and foreclosures lowers the sale price and allows new buyers into the market who are taking advantage of the discount priced homes. Mortgage rates continue to be at an all time low – but indicators are that that will change soon with rates predicted to rise to 4.4% by summer and new regulations may force home buyers to come up with 20% down.

About the author

Sherry Fields Sherry Fields has been working in real estate since 2002. Working with the development team for the Hilton Garden Inn gave her strategic information on the commercial real estate market in Missoula. Broadening her scope she moved into the residential market and earned the designation SFR in short sales and foreclosures. Currently affiliated with Prudential Montana Real Estate, she works with both buyers and sellers "building relationships so you can buy & sell with confidence". Sherry Fields has recently earned the CREN designation - Certified Real Estate Negotiator. While price is a large part of negotiation - it is also about timing everything from the closing date to inspections, appraisals, home insurance - and it is about negotiating items that can show up in home inspections to achieve a mutually acceptable outcome.

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