August 26, 2016

‘Further Foreclosure Drop’

By James D. York, P.A.

A new survey by CoreLogic shows that homes in the foreclosure process are going fast. The national rate now stands at its lowest since 2007; approximately six million American homes have been lost to foreclosure since 2008. The number of homes with payments least 90 days past due is also falling. The nationwide delinquency average is 2.8% of mortgages, down from 3.9% a year ago.

How does Florida compare? We’re close to the top of the pack for completed foreclosures, with lenders closing on 59,749 such homes in the Sunshine State between June 2015 and June 2016. However, that represents a 41% decline from the previous year, when there were over 101,000 foreclosed homes sold. Florida’s foreclosure inventory currently stands at 1.8%, the sixth-highest level in the country.

According to CoreLogic president/CEO Anand Nallathambi, "The impact of the inexorable reduction over the past several years in both foreclosure trends and serious delinquencies is driving the long-awaited return to more historic norms for the U.S. housing market. We expect the combination of continued home-price appreciation of more than 5 percent and rising employment levels in the year ahead will help cement the gains we have had and perhaps accelerate them."

There are still some real bargains out there—just give us a call, and we’ll help you find yours.

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York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $275 million in sales transactions.  Visit The York Group website at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the York’s invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.