Foreclosures Decline for Fourth-Straight Month
While the Bennington VT real estate market does not have as many foreclosures as some other parts of the country, I thought it was interesting to read that they are on the decline nationally, which hopefully is a good sign for the real estate market in general. You may not think that Vermont is impacted by these figures from other states, but consider this: if these states were not having as many problems, would more people be able to relocate to Vermont? The lifestyle that we enjoy here in Vermont is attractive to a lot of people who want a change of pace. If they can’t get out of their current real estate market, they can’t buy in ours!
Troy
 Foreclosures declined 8 percent in November compared with October, but were still up 18 percent from November 2008.
This was the fourth-straight month that U.S. foreclosures have declined since hitting an all-time high in July, according to online foreclosure marketer RealtyTrac.
Default notices, an indicator of coming foreclosures, also were down 8 percent from October, but up 22 percent from November 2008. Bank repossessions were flat from the previous month and down 2 percent from November 2008.
“We don’t really believe the underlying problems have been resolved,” said Rick Sharga, senior vice president for RealtyTrac. Many borrowers, he told the Associated Press, “simply aren’t going to qualify” for government and mortgage servicer help.
States with the highest foreclosure rates are:
- Nevada
- Florida
- California
- Arizona
- Idaho
- Michigan
- Illinois
- Utah
- Maryland
- New Jersey
Four states account for more than 50 percent of actual foreclosures: California, Florida, Illinois, and Michigan.
Source: RealtyTrac, (12/10/2009)
