Loan Modifications Up, Foreclosures and Short Sales Down
According to data from Housing Wire, loan modifications are on the rise while foreclosures and short sales have dropped.
The data collected shows approved loan modification stats between April and June totaled 204K. In the second quarter, stats show 81K short sales approved. When compared to the first quarter, we see a decline in approved loans by 3 percent. On a year over year basis, the figure is down by 25 percent.
The first quarter of 2013 also shows foreclosure starts are down by 30 percent. As for nationwide figures for the same period, foreclosures amounted to 2 percent.
These are encouraging stats for investors as mortgage delinquencies are down.
Billions of dollars of foreclosures are yet to hit the market, and the pool of REO properties is growing smaller. According to experts, many areas, such as San Diego still have at least a couple of years’ worth of deals. And, there are still several areas that are still behind in the market’s rebound, making plenty of opportunities available.
Flipping is more popular than ever, and investors continue to get younger and younger as the market enters a more solid state of recovery with home values rising across the US. Interest rates are still low, and inventories are dwindling in many markets all factors in a positive time to get involved in the real estate market.