Foreclosure Lowest in Over 7 Years

By Mark Boehmig | August 14, 2015
Tags: 2015 foreclosure statistics, Bradenton Real Estate, buy a home in Bradenton, Foreclosure rates, foreclosure statistics, get a mortgage, is now a good time for a mortgage, is now a good time to buy a home, real estate, real estate news

Foreclosure Inventory Hits Lowest Mark in Over 7 Years [INFOGRAPHIC]

 August 14, 2015  Foreclosures, Infographics

Foreclosure Inventory Hits Lowest Mark in Over 7 Years [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • The number of homes in the US in some stage of foreclosure is down 28.9% to 472,000.
  • Only 3.5% of homes in the US are currently in serious delinquency.
  • Foreclosure Inventory levels hit the lowest level since January 2008 at 1.2% of all homes with a mortgage.

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Foreclosure Figures at Lowest in Last 7 Years

 

Foreclosure rates at record lows
Foreclosures are at the lowest we’ve seen in years!

The housing crisis and economic downturn were tough on a lot of families, and sadly many weren’t able to stay above water and keep their homes. Foreclosure figures were at some of the highest rates that we had seen since the depression-era figures, and many were wary of purchasing new homes or taking loans. It looks like we are coming out of the tunnel now and looking at brighter and more positive times. Foreclosure figures are at the lowest mark in the last 7 years, and things are looking on the up and up. This infographic tells it all.

 

Foreclosure figures at a glance

 

They say that statistics don’t lie, and in this case that would be a good thing. The stats show that only 1.2% of homes are in foreclosure, rates at about the 2008 pre-crisis levels. Also, only 3.5% of homes are in delinquency. Foreclosure inventory levels hit the lowest since January of 08(1.2%), and overall the % of homes at some stage of delinquency is down 28.9% since January of last year. Now that is some great news!

 

What does it mean for home buyers?

What this is shows is that the economy is on the uptick and people aren’t afraid to take loans anymore. This also shows that loan terms are probably favorable for buyers, seeing as how they have dropped so low. What’s better is that home prices are far below what they were during the last decade, meaning that it’s a buyer’s market. All in all, it shows that the economy is getting healthy again, and homes are often a major indicator of economic health. This shows that 2016 is a great to buy a home.

 

Buying a home has never been a better proposition. The economy is in full swing, interests rates are low, and homes are affordable. What’s more is that foreclosure figures are at their lowest rate in 7 years, meaning the entire housing industry is getting far healthier than it was during the crisis. If you are looking to buy a home in Bradenton, then get yourself a real estate agent that knows Bradenton like a local.