The USA Is No Longer A Real Estate Graveyard!
US Foreclosure filings fell in July, hitting their lowest level since November 2007.
Processing delays and foreclosure prevention measures have enabled a larger number of delinquent borrowers to remain in their homes.
Foreclosures were down 4% compared to June and were 35% lower than July 2010, marking the tenth straight month of year-over-year declines, according to Realtytrac, a leading online marketer of foreclosed properties.
Realtytrac reported that 212,764 U.S. homes received some kind of foreclosure filing; notice of default, notice of auction sale or completed foreclosure, during the month.
Bank repossessions totaled 67,829, down 33.6% from the peak month of September in 2010 when banks took back 102,134 homes, and off 27% from 12 months earlier.
US Housing markets have struggled through another tough quarter which encompassed the spring, the strongest time of year for home sellers.
Prices of existing homes fell 2.8% in the three months prior to June 30 2011, compared with the same period in 2010, according to a report issued on Wednesday by the National Association of Realtors.
Last week America’s central bank pledged to peg interest rates at their ultra-low level for a further two years.
This week saw a very popular article on the rising prices in Detroit real estate by Alan Forsyth – Detroit House Prices Are Rising – Is Detroit To Be The Fastest Recovering Economy Ever Seen In Years?
The article has generated a great deal of interest from UK based investors as well as global enquiries to Alan’s office.
With these historic low interest rates there are some real property bargains to be had by shrewd investors!
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