Sept. 2012 Foreclosures Decline

It looks like there were about 57,000 completed foreclosures in the United States in September 2012.  Please note the word “completed”, as many times some report on “foreclosures” when they really should report “foreclosure notices” shown in the paper.  Sometimes, these foreclosure notices don’t end up as a full foreclosure because the owner bring the property current, starts loan modification, starts a short sale or completes a short sale.

This national number represents a 31% decline from September 2011 and 3% down from August 2012.  Again, Georgia still ranks in the top five nationwide in foreclosures.  Here’s the numbers for the 12 months ending in September 2012 for the top five states for foreclosures:

  1. California (108,000)
  2. Florida (92,000)
  3. Texas (59,000)
  4. Georgia (55,000)
  5. Michigan (51,000)
On many of these foreclosures, the bank has a loss share agreement which uses taxpayer money to mitigate or lessen their loss on the loan.  These agreements expire normally in 4 years from the foreclosure date.  With prices rising slightly, the banks may decide to slowly release these foreclosures to keep prices stable and afford them to collect the highest sales price.  This makes it ever more critical, if you’re buying a foreclosure, to get  professional help in determining current and local market conditions in presenting a winning offer.  I’m here to help.  Michael Hickman – Keller Williams Realty Community Partners – 404-444-3446