All the Real Estate News That’s Fit to RE-Print™
Welcome to our weekly edition of Hot Real Estate Investment News.
We have only a few real estate news items this week:
- Foreclosure starts are at a 71-month low
- Annual bank repossessions increased for the first time since October 2010
- 29% of homeowners own their home free and clear of a mortgage
Here are the real estate investing related news items that caught our attention this past week. We hope they help you stay up-to-date with your real estate investment strategies and inspire some profitable real estate deals for you.
Foreclosures Starts Drop 28 Percent from a Year Ago to 71-Month Low
Bank Repossessions Increase Annually for the First Time since October 2010
On Friday, RealtyTrac® released its U.S. Foreclosure Market Report™ for November 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,817 U.S. properties in November, a decrease of 3 percent from October and down 19 percent from November 2011 — marking the 26th consecutive month with an annual decrease in foreclosure activity.
High-level findings from the report:
- U.S. foreclosure starts were down 13 percent from the previous month and down 28 percent from a year ago to the lowest level since December 2006 — a 71-month low.
- U.S. bank repossessions (REO) increased 11 percent from the previous month and were up 5 percent from November 2011, a nine-month high and the first year-over-year increase in REOs since October 2010.
- Despite the national decrease in foreclosure activity — driven largely by big year-over-year drops in California, Georgia, Michigan, Texas and Arizona — foreclosure activity increased from a year ago in 23 states and the District of Columbia. Nine states posted 12-month highs in foreclosure activity in November, including Florida, New Jersey, New York, Ohio and South Carolina.
According to an analysis by Zillow Research, 29% (20.6 million) of homeowners own their home outright.
Click here for details and to see the free and clear ownership rate by state and by county.