April 27th, 2012
Is the housing market making a come back? Have we seen the end of the massive amount of foreclosures that have been happening since the housing market took a turn for the worst a few years ago? If the years current foreclosure numbers are any type of indication of the housing market, then yes the market could very well be making a very strong come back.
Foreclosures have hit an all time low since their numbers blossomed like weeds almost four years ago. A recent report that was release by RealtyTrac shows that the amount of foreclosed houses for sale is dropping. In the fourth quarter of the year 2007 527,740 properties filed for foreclosure. The first quarter of the year 2012 shows that their were 572,928 filings. This is the lowest amount of foreclosures since the fourth quarter in 2007. March must have been the month of foreclosures because over 37% of the entire quarters foreclosures were filed in March.
The month of March also had the lowest monthly total of foreclosures since July of 2007. March was also the first month since July of 2007 to have under 200,000 filed foreclosures. Only 198,853 foreclosures were filed in March of 2012.
Real estate professionals are still speculated why the amount of foreclosures has dropped. The nation’s unemployment rate has not decreased all that much, and the current state of the economy has not shown any signs of improvement, but the lower amount of foreclosures could be the stepping stone towards a more stable economy.
There are still a massive amount of homes that have not gone through the foreclosure process yet. They have not simply vanished. March was just not a very productive month for the companies that have been handling all of the foreclosures. Hopefully the numbers will stay down, and the housing market will go up.