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Ruth Ann Manison

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Prince Properties, LLC

Ruth Ann on Real Estate

I hope you enjoy my thoughts on real estate, market statistics, how-to's, and pieces I find interesting on buying, selling, remodeling, new construction, investing, and saving your resources.

Thanks for taking the time to read my posts. Feedback is always welcome/encouraged. Feel free to ask questions. About me: My business is primarily residential real estate (helping buyers, sellers, landlords & tenants), and I generally work with referred clients. I love real estate because I learn something new every day and get to work with great people. I am blogging so I can share some of my insight and experiences with those of you who want to buy or sell. Enjoy!

Foreclosures Reach 3-Year Lows -- How's that for Interesting News?


May 16th, 2011


Foreclosures Fall Again, Reaching 3-Year Lows
Fewer home owners are losing their homes as the number of foreclosure filings sank to more than a three-year low in April, RealtyTrac reports.


The number of foreclosure filings in April dropped 34 percent from a year ago, also marking the seventh straight month of declines, and reaching its lowest level since December 2007. Foreclosure filings include notices of default, scheduled auctions, and bank repossessions. Also, 69,532 homes were repossessed in April an 8.6 percent drop from March and a 32 percent drop from last September’s peak.

Banks being blamed for faulty paperwork continued to slow the pace of foreclosure activity last month, but many foreclosures still loom, experts warn. About 3.7 million borrowers are at least 90 days late on payments.

However, there are hopeful signs of a turnaround: The employment picture is improving, which will allow more home owners to make payments and banks are completing more loan modifications to keep borrowers in their home. Banks completed 77,000 mortgage modifications in March, which is a 26 percent increase from February.

States With the Highest Foreclosure Rates
Nevada, Arizona, and California continue to post the highest foreclosure rates in the nation.

Ten states account for more than 70 percent of all foreclosure activity in the country: California, Florida, Arizona, Michigan, Nevada, Illinois, Texas, Georgia, Ohio, and Colorado.

Source: “Foreclosures Down 7th Straight Month,”CNNMoney (May 12, 2011) and “Faulty Paperwork Slows Foreclosure Activity, Survey Shows,”Reuters (May 12, 2011)


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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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