The Foreclosure & Information Listing Service says the number of properties on which banks have threatened to foreclose dropped to fewer than 2,700 this month. That’s down 23% from September 2011. Foreclosures for September fell below 700, a 36% dive from a year earlier.
“It looks like we’re just about back to pre-recession levels.”
Patrick Jankowski is vice president of research for the Greater Houston Partnership.
“If you were selling your home, there’re fewer foreclosures out there on the markets that are driving down the price for your home. If you’re a residential broker trying to sell homes, there are fewer foreclosures down there mucking up the waters. If you’re a homebuilder, you’re not having to compete against the foreclosures on there, so you can get a better price for your home. And if you’re one of those persons who likes to buy foreclosures, snap them up, and try to flip them? The game’s over for you guys. We’re back to a normal market.”
The twelve-month total of postings decreased for the fifteenth consecutive month to just over 38,000 and is at its lowest point in more than two years.