Foreclosure Crisis

September 15, 2015 Posted by Matt

foreclosuresIt appears the foreclosure crisis is a thing of the past.  New trends signal the foreclosure crisis, which started in 2007, is well behind us after several years of dragging down home values and tarnishing the housing market .  New data shows homes starting the foreclosure process have fallen close to a 10-year low.  In addition, the number of existing homes already in the foreclosure process has dropped to a 15-year low.

The decline in homes in foreclosure is a result of banks clearing out their inventory of distressed properties.  During the same time, banks have been tightening their lending standards which has reduced the number of new foreclosures coming on to the market.

As foreclosures dwindle, home prices are expected to rise which may prompt owners to sell their existing home and buy a new one.  However, as foreclosures fade, so too will the number of bargains.

According to RealtyTrac, the total number of U.S. properties that started the foreclosure process for the first time in July was down 8% from the previous month and 9% compared to July of last year.  The total number of properties starting the foreclosure process came in at 45,381 which is the lowest level since November 2005.

The fall-off in foreclosures signals the housing market is strengthening.

Even though the number of foreclosures has dwindled, there are still good deals to be had in Naples and Bonita Springs FL.

Are you considering buying a home in Naples?  What about Bonita Springs?  Contact Matt Klinowski, an expert in golf communities in Naples FL as well as Bonita Springs FL, at 239-370-0892.