LOS ANGELES, Calif. (SEND2PRESS NEWSWIRE) — New statistics from Foreclosure Deals (www.foreclosuredeals.com), a leader in foreclosure listings industry, show the market for foreclosures is already improving in 2010, with foreclosures down 10% in January from the previous month. Foreclosure property inventories also fell in traditional foreclosure hotspots throughout the nation, which experts believe could be an excellent sign for buyers considering a purchase this year.
With 315,700 foreclosure properties reported in January, the national inventory is still 15% higher than it was one year ago. However, new foreclosures were up by only 4%, and with foreclosures falling in many key states, the new year figures to be a great time to find some excellent deals.
“Basically, we’re seeing a tapering market for new foreclosures and, maybe most importantly, falling foreclosures in locations like Las Vegas, Orlando, and Miami,” remarked James Foxx, a business analyst at Foreclosure Deals. “As sale prices continue to rise as we’ve been seeing, now is the time to buy low and get a great return on an investment. There are some excellent opportunities out there.”
Despite holding the highest foreclosure rate among states with 1 in every 95 homes, Nevada foreclosures fell by 18% in the past year. California, with the largest total volume of foreclosure homes, also saw property foreclosures fall by roughly 6.5% from a year earlier. Florida and Arizona, the other two states which have consistently made up the Top 4 for in recent years, saw foreclosures rise by 43% and 15% respectively. However, these figures are all down significantly compared with 2008, indicating a trend of slowing foreclosures in all four states. Making up the rest of the Top 10 were Utah, Michigan, Georgia, Illinois, Idaho and Oregon.
States that saw the biggest decreases in foreclosures during the past month were South Dakota, falling 90%; Wyoming, where foreclosures fell 53%; and New Jersey, with a 40% decrease. While it remains to be seen if the trend of falling foreclosures will continue throughout the year, it’s hard to ignore the positive signs, as Washington D.C., Rhode Island, Ohio and Virginia all also saw foreclosure properties decrease significantly in the past month.
States with the highest yearly increase in foreclosures were Nebraska, up an astounding 1125%; New Mexico, up 680%; and Montana, where foreclose property rose by 708%.
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