For foreclosure investors, a contracting market means more competition in the near future, which could raise prices.
Los Angeles, CA (PRWEB) April 7, 2010
According to new statistics released by Foreclosure Deals, a leading online provider of foreclosure listings and information, February of 2010 saw a 2% decrease in foreclosures from January and only a 6% increase in foreclosures since last year, marking what seems to be a general trend of slowing foreclosures throughout the nation. While experts differ over whether this effect is due to an improving housing market or the effectiveness of foreclosure assistance programs, statistics show that the rate of new foreclosures is decreasing.
The 6% increase in foreclosures from February of last year is the smallest increase registered since the beginning of the foreclosure boom in 2006, indicating that the gold rush days of foreclosure home purchase could be coming to an end.
"While there are still plenty of foreclosures out there and plenty of people in mortgage debt, the slowing trend seems to mean that foreclosure assistance programs are doing their jobs," commented James Foxx, a business analyst for Foreclosure Deals. "For foreclosure investors, a contracting market means more competition in the near future, which could raise prices."
Several states notorious for foreclosure activity saw significant decreases in home foreclosures during the past year. Nevada and Arizona, the top two states for foreclosure properties, saw foreclosure homes fall 30% and 7.75%, respectively, from February of last year. Foreclosures in California fell by over 15% during the same time period.
States on the rise include Michigan, where foreclosures increased 14% from January and 59.5% from the previous year. Other states with rising foreclosure rates since 2009 include Florida, up 16%; Maryland, up over 80%; Illinois, rising 21.75%; and Utah, where foreclosure property increased by 90%.
Foreclosures in Las Vegas, NV fell 9% from January, but were still the highest in the nation at 1 in every 90 homes. Many other top metro areas saw declines in foreclosure, including Stockton, CA; San Bernardino, CA; and Phoenix, AZ, where foreclosures dropped over 18%. Metro areas with rising foreclosures included Cape Coral, FL and Fort Myers, FL, where foreclosures rose 31% since last month.
Foreclosure Deals is a leading provider of foreclosure homes for sale and buying advice for investors and homebuyers. To learn more about trends in the foreclosure market and to find foreclosure listings anywhere in the country, visit Foreclosure Deals.
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