Foreclosure happens only when the property of a homeowner is being seized by the holder of a mortgage in which he/she has not made interest and/or principal payments on time as stipulated in the mortgage contract. Talking about foreclosure properties, its rate went down 10 percent in January compared to a month ago. That is according to Realty Trac’s report lately which pointed out that the year over year change drifted up fifteen percent this year.
Several states in the U.S. such as Nevada , Arizona, California, Florida, Utah, Idaho, Michigan, Illinois, Oregon, and Georgia were included in the list of having triggering foreclosure rates in the market.
Around 60 percent of the national total of foreclosure rates was accounted to six states namely California, Florida, Arizona, Illinois and Michigan and other states not mentioned.
“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January, then a surge in foreclosures over the next few months,” a statement released by RealtyTrac’s CEO James Saccacio who predicted that there will be an increasing foreclosure rates in the coming months in the market.
That’s how market reveals its number as far as real estate market flow is concerned.In Salt Lake Utah Homes, it is expected that there will be an uprising of foreclosure properties in the coming months and Realtors will figure it out as soon as monthly home inventory starts.
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via Realtor.org Daily Real Estate News
