May 10th, 2013
April showed positive signs of growth and optimism in the housing market across the board, and foreclosure rates were no exception. According to a study done by RealtyTrac, fewer homes across the United States fell into foreclosure or were seized by lenders during April, sparking further optimism in the real estate industry.
The rate of homes entering foreclosure fell 4 percent from March, and a whopping 28 percent from April 2012. Repossessions are down significantly as well – rates fell 20 percent in April from March, and 32 percent from the previous year. Numbers were reported from a study by RealtyTrac, which also found that total foreclosures will be down 671,000 this year.
Homes that have already gone into foreclosure might also find a more willing buyers’ market to complete sales.
“More foreclosed homes for sale should help fan the flames of a housing recovery by providing more inventory for buyers and investors to purchase,” said Daren Bloomquist, a vice president of RealtyTrac.
Real estate data provider CoreLogic also found that home prices jumped 10.5 percent in March over last year, the most significant gain since March 2006.
Home values are also on the rise, and as job growth continues in conjunction with record-low mortgage rates, U.S. buyers and investors are feeling more confident in the real state industry.