Housing Foreclosures Decreased in the United States in 2011

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According to the final reports on foreclosures in 2011, the data indicates that the total number of property foreclosures declined from a year earlier in the United States. That news is certainly welcome to housing analysts and government officials, as the excess amount of distressed sales had been contributing to struggling home values.

 

The number of completed foreclosures fell by more than three hundred thousand in 2011 when compared with the numbers from 2010. There were roughly eight hundred thirty thousand completed foreclosures in 2011.

Foreclosures have been a major factor in the overall decline of the housing market in the past few years. More than three million homes throughout the United States have completed foreclosures.

In addition to the reduction in foreclosures, the report also showed that fewer borrowers are delinquent on their mortgage payments, which is a good sign for the future of the housing market. As the foreclosure inventory continues to shrink, housing values across the United States will begin to show massive improvement.

The five states facing the highest foreclosure inventory in the current market are Florida, New Jersey, Illinois, Nevada, and New York. Florida still has the largest percentage of foreclosure inventory, and is the only state in which the inventory is above ten percent. The states with the lowest foreclosure inventory are Wyoming, Alaska, North Dakota, Nebraska, and Washington. Each of those states has a foreclosure inventory that is at roughly one percent or lower.

The continued reduction of property foreclosures bodes well for the United States housing market, and many analysts believe that it may be a sign that the market will start to show solid improvement in the coming months.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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