Foreclosure Filings Have Dropped

April not only brought us spring showers in Hoboken, but the foreclosure filings have dropped. According to RealtyTrac, bank repossessions hit a record high. The two events happening at once suggests that foreclosure activity has begun to level off, but not yet decline.

In the U.S. more than 333,800 properties received a default notice, scheduled auction or bank repossession in April. This represents a decrease of 9 percent compared with March and 2 percent compared with April 2009 as stated by RealtyTrac.

A total of 103,762 properties received a default notice, a decrease of 12 percent compared with March and 27 percent compared with April 2009, when activity peaked at more than 142,000 notices.

Foreclosure auctions were scheduled for the first time on 137,643 properties in April, a decrease of 13 percent compared with March, but an increase of 1 percent compared with April 2009.

Bank repossessions, known as “real estate owned” or “REOs,” numbered 92,432 properties. That was an increase of 1 percent compared with March and a spike of 45 percent compared with April 2009. The previous peak for bank repossessions was 92,182 in December.

RealtyTrac expects a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process.

To find out what is going on in the Hoboken real estate market, please go to Hoboken Homes.

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can also be reached by phone at 201-344-2886.

Advertisements
Explore posts in the same categories: Foreclosure

Tags: , ,

You can comment below, or link to this permanent URL from your own site.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: