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Foreclosure Numbers Post a Decline

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Foreclosure Numbers


There is finally a reason to celebrate on the foreclosures front. Whether you’re a rental property investor or just a homeowner, the news below is an indication that things are finally starting to look up.

According to a recent National Association of Realtors (NAR) report, several markets that had suffered the worst foreclosure rates in 2009 and 2010 are now posting a decline in new foreclosure numbers. The data reveals a slide in foreclosures posted in 2011 from 2.8% in June to 2.7% in December.  Yes, it’s a tiny drop, but hey, at least the trend is moving in the right direction!

While the real estate market as a whole is showing a shift towards recovery, the most positive numbers have been posted by cities like Florida and Nevada that were worst hit during 2009 and 2010. Of course, you’d expect the worst hit areas to start to recover first, but it’s good news nonetheless.  The recovery is attributed to several factors ranging from a general improvement in the economy to rock bottom mortgage rates. Some programs launched to pull up the housing market are also believed to be taking effect (finally!).

There is also the possibility of some artificial slowdown in the numbers, as expectations of improvements in the multi-state AG deal had caused several institutions to slow the pace of their foreclosure processing operations.

For more detail on this story, click here.

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