Foreclosure sale

An increase in foreclosure filings does not necessarily mean an increase in foreclosure sale. However as of March 2009 the nation has been experiencing a significant increase in actual foreclosure sale. The number of foreclosure properties going up for sale has crossed 175,199 homes which calculate as a 44% increase.

The increase has come after foreclosures filed following the end of foreclosure moratoriums of big time mortgage lenders the like Freddie Mac and Fannie Mae. The increasing number of job layoffs has also contributed to the influx of foreclosure properties in the market. The fact that home owners are still facing a considerable amount of difficulty in refinancing their loans also places more foreclosure properties for sale in the market.

When the year 2009 started off there was actually a significant decrease in the number of foreclosure properties. As a result a number of experts begin to say tat the housing market was on its way to a sure shot recovery. However the sharp 44% increase in the following months showed that foreclosure moratoriums had been hiding a huge number of foreclosure properties that have now gone up for sale.

Foreclosure sale is not the only thing picking up at this time. The number of pre-foreclosure filings has also increased by up to 6 percent and has now crossed the 225,131 mark. Just the first three months showed a significant increase compared to the last quarter of 2008. The total filings in this period were 604,590 which is a 17% increase from what it was in the last quarter of 2008.

2009 saw California foreclosure sale go up by 59%. The state has however crossed its peak and the total sale has now come down from its highest level in September 2008. Florida foreclosures have gone up by 33% and Arizona by a staggering 45%.

While the above mentioned states have a high number of foreclosures this year the prices have gone down considerably. This has attracted more people to partake in the foreclosure sale taking place in these regions.

Article Source: http://www.articleexpose.com

Joseph Smith has been educating buyers on the finer points of Foreclosure sale purchase at BankForeclosuresSale.com for over five years.

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