Gradually, the total number of willing property buyers are increasing in the US. On the basis of a survey report by the National Association of Realtors, a report has been published recently on the official website of this agency, Realtor.com, which states that in the last two and a half years, the total number of willing buyers who are keen on buying foreclosed properties have doubled in the country although the foreclosure inventory is shrinking.
The assessment was done among 1,004 grown up persons for three days starting from May 4, with an error of 3% points.
In the month of October 2009, the percentage of willing buyers was 25% which has jumped to nearly 65% this year. This agency carried out a telephonic survey among willing buyers last month, which showed that there are a good number of buyers interested in possessing foreclosed homes.
This May, the rate of foreclosure filings moved down significantly to a record low figure, the lowest seen in the last five years. According to RealtyTrac, this decline in the rate of foreclosure filings in the country has happened because lenders are opting for loan modifications and short sales to avoid foreclosure.
Moreover, on a year-over-year basis, the rate of issuing foreclosure notices – default, seizure and auction moved down by 14% which is the lowest rate since July 2007.
Move Inc. (MOVE) based in Campbell, California is an agency which controls the official website of the National Association of Realtors. In a telephonic interview CEO of MOVE, Steve Berkowitz stated, “Because prices are getting towards the bottom, people see foreclosures as even a greater value because they’re usually priced below market.”
In the last financial year starting from April 2011, home prices gradually decreased in 20 cities in the country, and in March 2012, the price was lowest in the year. According to an index of home values recorded by S&P/Case- Shiller this March, home prices dropped by 3.5% compared to the preceding month, whereas the drop was 2.6% compared to March 2011.
Nearly 56% of the participants of this survey by Realtor.com stated that many lenders will soon release their pending foreclosure cases to lower the market price of housing units even further. After the multi-state foreclosure settlement between federal officers and five giant mortgage servicing firms in February, RealtyTrac warned about the “gradually rising foreclosure tide”. However, the statistical reports recorded so far show that lenders are also trying to prevent foreclosure.
Photo by Visualpanic.
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