New Years 2010 seems to be starting on the right track. Foreclosure rates in states across the nation were significantly lower in January, according to statistics from Miami-based Bank Foreclosures Sale, an online contributor of foreclosure listings and information,
The number of foreclosures for sale fell to 315,710 in January, marking a 10% decline from December. These positive figures suggest a potential recovery within the housing market. However, experts state that it is important to note that while this month’s total may be down from December, it is still 15% higher than it was in January 2009. Still, a decrease in foreclosure, even on a month-to-month basis, is a step in the right direction.
The statistics for regional markets also showed positive signs. The top-six states for foreclosure rates, including Nevada, Arizona, California, Florida, Texas, and Illinois, accounted for 60% of the national foreclosure property total, but Bank Foreclosure Sale said most of these states saw nowhere near the foreclosure growth rates experienced in the past.
Foreclosures in Florida plummeted 14.9%, and both Texas and California saw an 11% decrease in foreclosed homes. Phoenix, Arizona was the only metropolitan area in the top 10 to see an increase in foreclosure in January, and it was only a 4% gain.
Other states with notable decreases in foreclosure homes during January were New Jersey, down 39.3%; Alabama, where foreclosures dropped 28.4%; North Carolina, down 11.3%; and Ohio, with a 5.5% reduction.
However, some states did see hikes in foreclosures in January, but surprisingly these increases were seen in states not usually associated with high foreclosures. Experts believe the growth in foreclosures in Delaware, soaring 78.9%; Nebraska, up 68.4%; and Oregon, jumping 13.5%, are most likely the result of these states continuing to experience the effects of unemployment and the economic recession.
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