Foreclosure Levels in America fall Sharply

Category: Real Estate

A strong sign that the US real estate market has returned to a healthier state is that foreclosure filings in 2014 were the lowest since 2006, when the property market in America hit its peak. The annual drop was a very substantial 29%. According to data released by Realtytrac. In numbers, 643,193 U.S. homes entered the foreclosure process last year, which is a 70 percent drop from the 2009 peak of around 2.14 million homes. The reduction in supply foreclosures helped push up prices and nearly 1.5 million homes returned to positive equity, when a home is valued at more than what is owed on the mortgage, in the year to the end of September 2014. Holdings of foreclosed homes by banks was down by 17% in 2014, leaving 421,164 homes in the possession of banks. Now that foreclosure levels are back to normal, a significant drag on the property market has been removed, namely the wide availability of houses that are often sold at below market value. 2015 is likely the sea further consolidation of property prices in most areas of America. For more visit our site http://www.property4peanuts.com/