News on U.S. government agencies, U.S. politics, companies doing business with U.S. federal government. Read U.S. national and local news. This site is not affiliated with United States Government.
(USGovernment-News.Com, July 14, 2013 ) Orlando, FL -- The latest sign that the nation is recovering from its half-decade long housing recession is news that fewer U.S. homes were repossessed by banks or entered the foreclosure process in June.
According to RealtyTrac Inc., lenders began the foreclosure process on roughly 57,286 homes last month, which is the lowest level seen in 7.5 years. As a result of these statistics, analysts expect there to be around 800,000 foreclosures this year, compared to 1.1 million last year.
Completed foreclosures, in which the lender repossesses a home, are expected to hit 500,000 - roughly 25% below last year’s total.
This news complements the U.S. housing recovery, which has of late seen steady job gains, improving consumer confidence, low interest rates and a growing demand for homes.
The low supply of available homes has helped to boost home prices, which increased 12.2 percent in May from the previous year. According to data tracker CoreLogic, this was the biggest gain in seven years.
However, foreclosures remain a thorn in the side of many states, including Nevada, Florida, Ohio and Illinois.
A vice president at RealtyTrac, Daren Blomquist explained that even though foreclosures are not a national problem anymore, they are still very much a problem for state and local markets.
In Florida, where the courts have a role in the foreclosure process, homes scheduled for auction were up over 30% in June from the previous year.
Florida posted the highest foreclosure rate in the U.S. - almost three times the national average - and scheduled twice the amount of home auctions than last month.
Down nearly 9 percent from May, lenders repossessed over 35,000 homes last month, which is a drop of 35% from the previous year. However, that is still above the roughly 25,000 a month that is considered the benchmark for a “normal” amount of foreclosures.
About BenkiranLaw.com
Benkiran Law Firm, P.A., (http://benkiranlaw.com) is one of Central Florida’s most appreciated law firms, specializing in business and real estate law. The firm is committed to providing individualized service tailored to meet the unique needs of each client. For homeowners seeking representation in orlando foreclosure defense, Benkiran Law Firm has the most experienced orlando foreclosure attorney professionals to assist homeowners in foreclosure procedures.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including:
