Foreclosure. Whether or not you have experience with the process, the word alone carries heavy psychological baggage. Stress, boxes, and a number of sorrow-tainted images paint a gloomy picture. In the last several years, during the economic recession experienced across the United States, this picture has been an astounding motif. But recent trends in the housing market instill optimism for the years to come, capped by the decline in the number of foreclosures this January.
Last month there were a total of 64,773 home foreclosure starts across the nation, according to an article from Thomson Reuters, a worldwide business and professional intelligence company. Foreclosure starts are the first step in the foreclosure process. Statistics collected by Realty Trac indicate that this number accounts for an 11 percent decline in the number of foreclosure starts as compared to December of 2012, and a decrease of an astounding 28 percent since January of last year. This lowered number of foreclosures starts is comparable to those of June 2006, marking an all time low since the start of the economic recession.
Total Foreclosures and Bank Seizures
The total number of foreclosures nationwide has also experienced a significant decrease. There were 150,864 property foreclosures in January, a 7 percent decrease since December, and, yet again, a 28 percent fall since January of last year. In addition to that, banks repossessed 50,453 properties last month representing a 5 percent drop from December and a 24 percent reduction on the annual scale. This represents the lowest bank repossession rate since February of 2008.
State ComparisonsIn terms of foreclosure rates, Idaho is in relatively good standings. Reaty Trac keeps tabs on the foreclosure rates in all the states in the nation. Of the homes and properties in Idaho, 1 in every 1214 is in the process of foreclosure. Florida holds the worst rate for the fifth month in a row, with 1 in every 300 properties foreclosed, and Vermont holds the position as the state with the lowest number of foreclosures; only 1 in every 9450 Vermont properties is in jeopardy. Utah stand at about the same rate as Idaho, whereas Montana, Oregon, and Wyoming hover around 1 in every 2,000-7,000. Washington, suffers from a rate of about 1 in every 674 properties. If the rates continue to fall as they have over the last year, as the housing market improves, it will recovery beautifully.
The steady fall of foreclosures, numbers, rates, and all, indicates that the housing market may be approaching the end of it’s long ordeal. This promises greater economic opportunity in the coming years, and your shot at a new home. To keep the rate down and declining, consult one of our expert realtors about finding a home that is perfect for you, both aesthetically and financially. Our trained professionals will work with you to ensure that you purchase within your means without foregoing your dreams.