Rate of Foreclosures Reaching New Lows

The number of foreclosures happening across the country has reached a new, five-year low last month. This includes notices of default, auctions and bank repossessions. The number was down 7% from the previous month and 16% year over. Still up in the air is whether another wave of foreclosures will hit the market, as many of us wait to see whether the banks slowing the foreclosure process will have an impact. The settlement reached in September 2010 could clear the way for banks to go ahead and clean out their foreclosure backlogs. Until then, it’s a waiting game and still a prime opportunity for real estate investors to take advantage of the deals out there now.

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