Do free foreclosure listings reflect the Actual Figure of Foreclosed Properties

Do free foreclosure listings reflect the Actual Figure of Foreclosed Properties

Report shows that foreclosure sales plunged in the third quarter of this year. The fall in the sales of foreclosed properties and other homes that are in the process of foreclosure are actually in line with the overall decline in the housing market, which occurred after the expiration of the federal homebuyer tax credits in April.

Some experts claim that the reason behind the significant drop in foreclosure sales is not actually the issue over foreclosure processing errors that encouraged some lenders to momentarily stop the sales of homes owned by banks, including foreclosed homes for sale Athens GA.

Even before the issue on foreclosure documents came out this year, the foreclosure process started to slow down as lenders attempted to change loans. They also seemed to be controlling their stock of repossessed homes in an effort to avoid flooding the market with too many properties.

This led to a significant decline of available homes owned by banks in some markets as suggested even in some free foreclosure listings.

Some investors are complaining because of the limited inventory due to some banks holding back. And a lot of those who were able to grab a foreclosed home in the third quarter got it at great discount. Lack of demand after the end of the homebuyer tax credits gave homebuyers more power to get better deals. For this reason, people are getting great bargains when buying foreclosed homes for sale Athens GA and others foreclosures around the nation.

The states with the highest foreclosures sales in the quarter are Nevada, Arizona and California, respectively. This only shows that many people are browsing through the free foreclosure listings in these states.

On top of the list is Nevada that accounted for almost 54 percent of the overall nationwide home sales. Massachusetts, Florida, Idaho, Michigan, Oregon, Georgia, and Illinois are some of the other states which had foreclosure sales accounting for one-quarter of all home sales.

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