August 2013 Real Estate Foreclosure Decline

real estate foreclosureDuring August 2013, the rate of real estate foreclosures in the United States declined.  According to RealtyTrac, an estimated 55,775 residential homes entered foreclosure in August 2013, which is 8% less than July 2013 and 44% less than August 2012.  This foreclosure decrease was helped by easier refinances, better jobs, and rising home values.   The number of real estate foreclosures has been declining since it reached a high of 1.05 million homes in 2010.

Real estate foreclosures are expected to drop to an estimated 52,000 a month in early 2014, which is considered to be a normal amount.  While the national level of foreclosures is declining, certain states foreclosure number is still high, which could cause a delay in the appearance of normal amount of foreclosures.

RealtyTrac reports that the following states in which ReCasa Financial Group lends were on the top 10 list for largest number of real estate foreclosures in August 2013:

  • Ohio
  • Indiana
  • Illinois
  • South Carolina

How are the declining foreclosures effecting your real estate investing?