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With the US economy reporting a slight upturn in its economic recovery, things on the housing front are also beginning to look more positive. In a recent study, CoreLogic reported that the amount of foreclosure property on the market dropped by 8.4% in 2011.
The foreclosure crisis has loomed large in the forefront of the housing crash, making it harder for the market to move towards a recovery. For a large part of 2011, foreclosed properties flooded the market, simultaneously putting a downward pressure on property valuation and lowering market confidence.
Experts believe there are two important reasons for the fall in the number of foreclosed properties. Firstly, there are far fewer properties reaching the foreclosure process because of the diligence lenders are using in evaluating mortgage applications. More and more, only loan seekers with formidable credit profiles are succeeding in receiving financing, thereby lowering the risk of possible defaults. Secondly, banks are trying to make faster decisions on properties entering the foreclosure process. With the help of several government initiatives, everything that is possible is being done to prevent a home from entering foreclosure. If nothing can be done to save it, then lenders are closing processes quickly and selling homes via short sale.
For more about why the market is finally seeing a drop in foreclosure homes, continue reading here.