Foreclosure Activity Slows. Hits 2007 levels.
Realty Trac recently announced that foreclosure filings have hit the lowest level in over 4 years. Since the 4th quarter on 2007, there has been a larger number of foreclosure filing that there are for this month.
Nearly 1 in every 230 households are in some for of delinquency. Year over Year foreclosure activities are down over 17%. "Less foreclosures on the market means more competition. More competition equals a stabilized housing market, which we have been fighting for during the last 5 years. This is a huge step in the right direction." Said Scott Engle, Broker/Owner of Realty Source, Inc. based in El Cajon, Ca.
Nevada leads the nation with 1 out of every 95 homes being in Foreclosure. California and Arizona come in a close second and third, with 1 in 103 and 1 in 106, respectively. Stockton California had the largest foreclosure rate of any Metro Area with 1 out of every 60 units in foreclosure. 12 of the top 20 metro areas for foreclosure filings are in California. El Cajon, Santee, and La Mesa are NOT in the top 20, which makes investing in El Cajon Real Estate or Santee Homes for Sale a great idea.
From notice of default to foreclosure proceeding, the California average was 320 days, 32 days lower than the last 3 months of 2011. This clearly shows that the nation's top lenders are trying to ride their books of foreclosures and move to a more "normal" market.