Foreclosure Fillings Drop In U.s. By 2%

By Author: Bruce Wills
Total Articles: 52
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Foreclosure fillings drop in U.S. by 2%

In April foreclosure filings dropped by 2% as compared to a year ago. This is first annual decrease in foreclosure filings in U.S. in last five years. The report on reduction in foreclosure filings was released by RealtyTrac and the report signaled that foreclosure rate has begun to plateau.

Foreclosure filings were 9% less as compared to March 2010 and Nevada posted the highest state foreclosures in the country. The total number of foreclosure filings in April was on 33,837 properties as 1 in every 387 units got a foreclosure filing in April. In Nevada 1 in every 69 housing units got a foreclosure filing in the month, which is more than five times the country's average.

The second highest number of foreclosure filings was reported in Arizona and third position was held by Florida .Foreclosure filing refers to the total number of default notices, bank repossessions and scheduled auctions.

Foreclosures reduced in the month of April due to many reasons and one of the reasons is increase in number of job openings. People who were rehired or those who got a new ...
... job could pay for mortgages on time. In April the nonfarm payroll rose to 290,000, which is up to 573,000 since December.

Median sale price of properties increased in many U.S. housing markets and it was found by a CoreLogic that there is less number of residential properties with negative equity in the first three months of 2010 as compared to the last quarter of 2009.

The change in mortgage rules and loan sanctioning procedure has reduced the risks on mortgages and this will also reduce foreclosures in future.

The reduced bank repossession rate will prevent further reduction in property prices in U.S. The improvement in employment condition prevented many foreclosures. U.S. economy has started to improve and low cost properties may not be available in some months. Property investment options available in U.S. market now are the best because the market has started to improve which assures appraisals.

Some of the cheapest U.S. properties are in Detroit where the housing market has improved in the last three months. The median sale price of properties rose in the month of March by 50% in Detroit, according to the monthly report released by Realcomp. Before the prices get back to the levels of 2006-2007, one should take a decision and acquire investment homes because Detroit properties are good investment option which can fetch lucrative monthly rentals and 25% of the investment can be gained from the rentals in one year which means in four - five year the complete investment can be recovered from rentals.

For more information log on to Detroit Property Investment,Mayfair Group or Mails us at- info@mayfair-group.com, myfairgroup@gmail.com, webmaster@mayfair-group.com