MIAMI, Nov. 20, 2017 /PRNewswire/ -- The following is an analysis on the 2017 foreclosure market and the future in 2018 from BankForeclosuresSale.com.
With 2017 coming to an end, real estate investors and homebuyers alike are taking a look back at the development of the foreclosure market over the past 10 months. They're also turning their attention to the 2018 market, with a focus on market trends, recent changes in real estate law, and if the political landscape will have any impact.
"It's important for real estate investors and homebuyers to have a clear understanding of the foreclosure market, as past data and current trends can have a big impact on future decisions," said Simon Campbell, Foreclosure Specialist of Bankforeclosuressale.com. "Even when the market appears to be steady, one thing we've seen in the past is that things don't always stay the same for long."
According to ATTOM Data Solutions, a provider of publicly recorded tax, deed, mortgage and foreclosure data, there were 424,800 foreclosure filings on United States properties during the first six months of 2017, signifying a decrease of 20 percent from the same period of 2016.
While the overall national trend was a decrease in foreclosure filings, some states and cities bucked the trend with an increase in activity. Here are some key data points provided by ATTOM:
- Eight states, along with Washington, D.C., saw a year over year increase in foreclosures during the fix six months of the year.
- Washington, D.C. experienced the largest increase, with foreclosure activity jumping 60 percent over the previous year.
- Of the 217 metropolitan areas included in the report, 28 experienced an increase in foreclosures, with Oklahoma City leading the way at 22 percent.
- New Jersey had the highest foreclosure rate during the first half of the year, with 0.99 percent of properties with a foreclosure.
- The highest metro foreclosure rates belong to Atlantic City, New Jersey at 1.71 percent of properties, followed by Trenton, Philadelphia, Chicago and Pennsylvania.
Daren Blomquist, senior vice president with ATTOM Data Solutions, added the following in regards to the market in general:
"Although foreclosures are fading overall, there has been a notable an uptick in foreclosures completed by some non-bank entities — counter to the sharp downward foreclosure trend among big banks and government-backed loans."
2018: A Big Year for the Real Estate Market
The Great Recession finally came to an end in 2009, after millions upon millions of Americans were forced into foreclosure.
According to Fannie Mae, the waiting period following a foreclosure is seven years, with the agency noting the following: "A seven-year waiting period is required, and is measured from the completion date of the foreclosure action as reported on the credit report or other foreclosure documents provided by the borrower."
With this seven-year period coming to an end for those who faced foreclosure toward the end of the Great Recession, there's reason to believe that the real estate market could pick back up.
Campbell said, "There's no way of knowing if these buyers will dip their toes into the homeowner pool once again, but the possibility is definitely there. This alone could have a big impact on the real estate market as a whole in the year to come."
To learn more about the foreclosure listings market or to search for foreclosed homes please visit Bankforeclosuressale.com online.
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