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The End of Foreclosures?

As the end of the year grows closer, Foreclosure Sales rapidly diminish. The Real Estate Market is steadily continuing to grow as the economy has begun to hit its highest peak in years. Subsequently, the number of foreclosed homes is steadily decreasing, and are projected to possibly even vanish by next year.

As of August, the number of Foreclosed homes is down from nearly double digits last year, bringing the percentage of foreclosure sales to a record low of 6% as compared to the last few years. With mortgages taken in the last four years performing with very little defaults, the number of foreclosures is essentially back to normal at only .04%. Considering the downturn of the economy over the last several years, there appears to finally be an end in sight for struggling homeowners.

While seriously delinquent mortgages still do exist, and some states vary on the length of time before foreclosure commences, the statistics are clear that Foreclosures are rapidly decreasing and the Real Estate Market is steadily increasing. Home values are beginning to rise and the reality of owning a home is becoming easier for more families. As the number of foreclosures decline, changes in market values also occur, commonly increasing the market values of other homes in a previously distressed community.