Wednesday, March 6, 2013

The Latest on Foreclosures


Yahoo! published a story on former SuperSonics center Robert Swift's foreclosed home which he recently moved out of. The state of the home... well let's just say it was a far cry from being open house ready.

The former basketball player left a whirlwind of debris in his mansion including beer cans, guns, knives, dog feces, bullet holes, damaged walls and enough piles of trash to make the home smell to the high heavens, according to Yahoo.com. The new owners have said that it will take them months to turn the house into their dream home.

You can read more about the decline of Swift's foreclosed home by clicking here. This situation prompted us to inquire about the frequency of foreclosures around the United States (for less notable homeowners).

CoreLogic released their latest foreclosure report which gives us an idea of the future of foreclosures in the U.S. and the stats are leaning towards the positive. Corelogic subtitles their report with this positive messaging, "The Foreclosure Inventory Has Fallen Year Over Year for 15 Consecutive Months."

There were 61,000 completed foreclosures in the U.S. at the beginning of this year which is down from 75,000 the beginning of last year. That makes a year-over-year decrease of 17.8 percent.

Let's be clear, the situation isn't perfect, with just over a million homes in some stage of foreclosure this year, according to CoreLogic. But the decline in the backlog of distressed assets has many believing that the future of real estate is on the up-and-up.

In the meantime, we hope that homeowners across the country will allow some "spring cleaning" to take effect before they make the big move!

*Photo credit Yahoo.com, courtesy of KOMO

To learn more about the U.S. state of foreclosures click here.

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