"Efforts to prevent unnecessary foreclosures and mitigate their impact on home values have resulted in a foreclosure process that takes an average of 477 days nationwide, and more than two years in some states -- which is holding many of these must-sell properties off the market," Blomquist continued. "Even if all these homes flooded the market simultaneously they would likely not cause the once-feared double dip in prices given supply constraints from non-distressed sellers and stronger demand. Given these market dynamics, it's not surprising to see that Florida, Illinois and New Jersey -- states with three of the four longest foreclosure timelines -- have all had laws take effect in the last six months that speed up the foreclosure process on vacant properties. These laws should help provide some extra supply and possibly help reduce the threat of another housing price bubble forming in these markets."
"The eventual release of these properties will be welcome In the market," said Emmett Laffey, CEO of Laffey Fine Homes, covering Long Island and the five boroughs in New York City. "Buyer appetite for foreclosed properties is at an all-time high. Investors will continue to swarm at below-market deals."
RealtyTrac compared its address-level data of properties actively in the foreclosure process (in default or scheduled for foreclosure auction) with data from the U.S. Postal Service indicating whether a home has been vacated by the homeowner.
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
Data Licensing and Custom Report Order
Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. We can provide you with nationwide, regional or local data and reports dating back to 2005 for both internal use and resale. For more information contact our Data Licensing Department at 800.462.5193 or firstname.lastname@example.org.
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
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Jennifer von Pohlmann
949.502.8300, ext. 139
949.502.8300, ext. 268
Data and Report Licensing:
Data Sales Department
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