Thanks to a recent CoreLogic National Foreclosure report we know that as of July 2013 foreclosures were down by over 20 percent in the United States, compared to the same time last year, and less than 2.2 million mortgages or just over 5 percent of homeowners across the United States were delinquent on their mortgages.
The drop in foreclosures can be directly attributed to the increase in home values in Bend and nationwide that has made it possible for many underwater homeowners to get back on track with their mortgages and avoid the possibility of foreclosure, short sale or bankruptcy all together.
What’s great about the decline in foreclosures is that these are the best statistics that the Real Estate market across the United States has seen since 2008 since there were only 49,000 foreclosures in the month of July.
On The Right Track
Realtors and economists are encouraged by these foreclosure statistics since the CoreLogic National Foreclosure report shows us that the Real Estate market is getting back to where it was in 2007 when there was an average of 21,000 foreclosures completed every month.
Since the economic crisis officially began in 2008 there have been close to 5 million foreclosures but thanks to the improvement of the housing market we’re seeing fewer foreclosures every year including a reduction in shadow inventory that many economists once feared would hit the Real Estate market like a tidal wave.
As of Jul 2013 only 2.67% of homes in Oregon were in foreclosure and 3,738 foreclosures were completed across the state. This is great news for Oregon and a very encouraging sign that fewer homeowners in Oregon have delinquent mortgages and are able to stay on the right track financially.
To learn more about the latest Real Estate news or to view Bend Oregon homes for sale contact me today by calling (541) 383-1426.