Anyone with an interest in real estate has been paying close attention to real estate market news and reports to determine the current state of the housing market. Fortunately, the reports have been mostly positive, each indicating that the real estate market is making progress toward recovery with rising home prices, declining foreclosure inventories, and various other positive signs.
Below are some highlights of what is currently taking place in the housing market.
Declining Foreclosure Inventories and Delinquency Rates
After years of high foreclosure activity and a large foreclosure inventory throughout most of the country, home prices are starting to rise and available foreclosure on the market are starting to decline throughout the nation.
At the same time, other foreclosure activities are down (such as notices of default) and those that are facing foreclosure have many options including loan modifications and short sales.
With that being said, there are still over five million properties that have been foreclosed upon or are at some state of the foreclosure process throughout the United States. Therefore, if you are an investor or potential homebuyer there are still great investment opportunities on the market, although they may be harder to find now than they have been over the last few years.
Florida, New Jersey, Mississippi, Nevada, and New York are the five states with the highest delinquency rates in the country; therefore, if you are looking for amazing foreclosure deals these states may be a great place to start.
Zombie Homes Dominate the Real Estate Market
Another huge news item right now involving foreclosures are what is referred to as zombie homes or zombie foreclosures. These are properties that have been abandoned by the homeowner because their properties are in some state of the foreclosure process; however, these properties have not yet been acquired by the lender and therefore are completely abandoned.
Nationally, there are over 300,000 known zombie foreclosures on the market with over 90,000 of them being in Florida alone. Although that may not sound like a huge deal, these zombie homes are a huge liability. The biggest impact of zombie foreclosures is on the local communities that have a high number of these abandoned homes in their area.
Looking to Buy a Home?
If you are looking for amazing deals in the current real estate market then start your search online. Scout out foreclosure listing services to find discounted properties throughout the country. Also learn more about buying a home in the current real estate market before you jump into the waters.
The following video has essential information for homeowners and includes key topics such as loan modifications, foreclosures, short sales, credit scores, and other issues revolving around buying a home in the current real estate market.
In conclusion, the current real estate market is improving but there are still great deals on discounted properties throughout the country—the key is knowing where to look and making sure you make a great investment decision.