173,786 New Listings - March 2010 - Last update March 17, 2010 6:15 AM ESTForeclosures Fall But Still a Long Way to Go
The US housing market is in shambles. Foreclosure properties may have slowed down but it will be quite sometime before the real estate market bounces back. Foreclosure activity decreased in many areas. According to Foreclosure Listing Service, foreclosures declined to 5,000. The number is 21 per cent less than July. July’s foreclosures have, of course, had touched a record high.
George Roddy, president of Foreclosure Listing Service, says he is happy with the decline in foreclosure postings. In Dallas-Fort Worth, 4,796 homes had come up for foreclosure filing. There was a 21 per cent decline in foreclosure activity in the last one month. Although foreclosures have declined, the market is yet to recover. True, foreclosure filings for August are 21 per cent lower than July, yet when compared to 2008, the figure is at least 5 per cent higher.
A foreclosure process starts with a Notice of Default (NOD). This happens after a delinquency period of 90 days. Then there is the Notice of Foreclosure Sale, when the home comes up for auction and the Notification of Sale when the home is sold off. If there are no buyers at the auction then the property goes back to the lender. It is then known as REO property.
The properties that come up for auction are tracked by Roddy’s firm. In Dallas-Fort Worth, about 40,000 homes had come up for auctions. This has made 2009 a year when Dallas witnessed the highest number of foreclosures. Foreclosure activity in Tarrant County plunged to an all-time low. Notices were served on 1,545 houses. In July, 2015 houses received foreclosure filings. This means foreclosure activity was down 23 per cent from the pervious month. Roddy observes that it is an indication that times may have changed. Still foreclosure activity is 8 per cent higher than what it was before earlier.
Experts suggest that the economy has to be rejuvenated before the housing market is revived. More jobs have to be created, and as employment rises, naturally, people will be in a better position to avail of loans. As of now, the real estate market is riddled with foreclosures. True these foreclosed homes are available at a bargain but they are hardly in a good condition. These homes are attractive for first-time buyers only. A sustained revival can happen only when the economy bounces back on the growth track.
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