Monday, March 15, 2010

Foreclosures Rates Leveling Off - Home Sales Nationwide

Foreclosure Rates are leveling off. According to RealtyTrac the foreclosure rate with in January had fallen 10%, with the banks repossessing nearly 79,000 homes. And they fell another 2% in February.

It is too early to tell if this trend will continue, but it is looking optimistic. There are factors to consider in these numbers, like the bad weather effecting court closings or special programs just delaying the process.

Foreclosed homes take a big tole on neighborhoods and the surrounding homes. When these home sell at a great discount, it drops the property value of other homes within miles.

States with the largest foreclosure rates are Nevada, Arizona, Florida, California and Michigan. Followed by Utah, Idaho, Illinois, Georgia and Maryland.

The metro area with the highest foreclosure rate in February was Las Vegas. along with Modesto, Riverside, San Bernadina, Ontario and Stockton ares in California.

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