Chatter has been heating up about the upswing in the 2014 real estate market, and recent foreclosure data from RealtyTrac supports claims of improved market health.
According to the U.S. Foreclosure Market Report for Quarter 1 in 2014, foreclosure filings are up 4% from February 2014 but are down 23 percent from March of last year. Foreclosures filings include bank repossessions, default notices and scheduled auctions—117,485 of which were filed in the U.S. in March 2014.
Daren Blomquist, Vice President at RealtyTrac, commented on the implications of the latest foreclosure reports in a recent article by his company. He is confident that the decline in foreclosure starts across the nation will free up banks to employ their resources to sell the remaining inventory of unsold existing foreclosures.
An estimated 49 percent of bank owned properties are on the market to be sold across the United States, while the remaining 51 percent remain occupied by renters or the former property owners.
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