Foreclosures are Going Down in Some Areas

boom...
Creative Commons License photo credit: showmeone

There are various areas of the country where the foreclosure rate is actually dropping. It may seem surprising to people who live in areas like Phoenix or Miami, where the foreclosure rates are still extremely high, but there are small pockets of improvement in the housing market and the number of foreclosures that are being seen. Northern Florida, in the Panhandle Region, is one of those areas. Not all of the counties are doing well, but a few select areas are seeing lower foreclosure numbers that are steadily dropping. That’s good news for home sellers in those areas, because it means that their home values will start going back up.

It’s also quite possible that more homes will sell, because there are fewer foreclosures – which will mean fewer homes on the market overall. Buyers won’t have as much to choose from, but sellers will have a better chance of finding buyers for their homes and getting the opportunity to go on to whatever comes next. Then they can be buyers in another market, and improve the chances of yet another seller getting to relocate to somewhere that he or she really loves. It’s all cyclical, but the economy has been in such a rut lately that the cycle has slowed dramatically. In some areas, it feels like it has almost stopped.

Where foreclosures are dropping, hope is slowly returning to sellers and real estate agents alike. There is more opportunity to find great homes, and the people who make their living selling them are happy because they can see a light at the end of the tunnel. While it may still be several years before the market recovers completely, the early signs are encouraging and it’s good to see that sellers have something to look forward to in the relatively near future.