Apr
14

National Foreclosure Inventory Sees 9 Percent Rise from 2012

April 14, 2013

Chicago ForeclosuresFresh numbers from RealtyTrac show that while inventory is currently low, there are more foreclosures back in the pipeline that will be coming onto market soon. The first-ever U.S. Foreclosure Inventory Analysis shows that 1.5 million properties were actively in the foreclosure process or were already offered as bank-owned properties in the first quarter of 2013. This number is up a whole 9 percent from the same time in 2012. The good news for the market is that the numbers are still down 32 percent from the all time high number of homes in the foreclosures process, which was 2.2 million in December 2010.

This change signals that the stops that were put into place back during the robo-signing days are slowly coming back, but not evenly. Foreclosure activity was split right down the middle nationally, with 26 states showing increases and 24 states showing decreases. Illinois is one of the top three states with vacant foreclosures, so those homes can pass through the process more quickly and be returned to market.

Nationally, the on-market inventory of homes is down 43 percent from last year, but the inventory of unlisted foreclosures has surged up 12 percent. Those high numbers combined with the number of vacant foreclosure homes means buyers can so expect there to be more foreclosure Chicago real estate properties available in the upcoming popular months for house hunting.

 

 

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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