Not too many months ago, sales on distressed properties (short sales or foreclosures) made up a good number of the total real estate transactions each quarter.
Fortunately for homeowners (though not such good news for investors), that number has steadily decreased in recent months.
In fact, as you can see from the graphic below (compliments of KCM, based on data from the June 2014 Corelogic National Foreclosure Report), this past June was the 32nd consecutive month with year-over-year declines in national foreclosure inventory.
Right now, there are only approximately 648,oo0 homes in some stage of foreclosure. That’s down 35% from this time last year, and represents just 1.7% of all U.S. homes with a mortgage!
Take a look below to see which parts of the country are still experiencing higher levels of foreclosure distress, and which have recovered nicely.
With home prices and interest rates going up, investors may no longer have the great deals available to them that they had over the past 5 years. But we’re happy for all the homeowners who are recovering financially and are no longer in danger of losing their homes.
Mortgage interest rates are hovering in the low 4% range right now, but it’s not likely that they’ll stay there for long.
Below is a KCM graphic indicating where 30-year fixed mortgage rates have been over the last 18 months.
As for where interest rates will go over the next several months, no one can be certain – but here is what some experts are predicting: Read more…