The foreclosure market continues to show signs of repair that began last year. Foreclosures have been a major issue for homeowners, not only here in California, but nationwide as well. Ten years ago in 2006, there were approximately just over 717,000 properties that were put into foreclosure throughout the nation. Not surprisingly to anyone who has been around, studies show that the highest number of foreclosures occurred in the year 2010, with approximately 2,872,000 foreclosure filings. Fortunately, towards the end of last year there were just over a million foreclosure filings nationwide – the lowest number since 2006. From all the pundits, it appears that the number of foreclosures will continue its decline in 2016.
The foreclosure market is definitely worse in some parts of the nation versus others. Records show that Texas, Michigan, Florida, California and Georgia were a few of the states with the highest number of filed foreclosures in 2015. According to reports done by CoreLogic the foreclosure inventory has continued to significantly shrink. To receive the most update information on the foreclosure market here in California, Nevada, or Arizona, please call our office. Our team of experts have over 30 plus years of experience and we are always willing to help! Stay tuned to our blog to watch how the foreclosure market unfolds this year and the years to come!