Foreclosure Property rates in US went down 10 percent in January 2010

Posted by admin on February 13, 2010

Sandy Utah Homes is always aware of its market condition and the latest trends in real estate. Recently, a report was released by Realty Trac regarding a decrease in the foreclosure rates which fell down 10 percent in the 1st month of the year compared a month ago.

Although there was a monthly decrease in terms of foreclosure rates yet the year over year change drifted up 15 percent this year according to Realty Trac report.

Numerous states in the U.S. such as Nevada , Arizona, California, Florida, Utah, Idaho, Michigan, Illinois, Oregon, and Georgia belonged to the top ten with high foreclosure rates in the real estate market.

Around 60 percent of the national total of foreclosure rates was accounted to six states namely California, Florida, Arizona, Illinois and Michigan and other states not mentioned.

“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January, then a surge in foreclosures over the next few months,” said by RealtyTrac’s CEO James Saccacio in a report released last week.

As trends gets better in the real estate market, more and more homes will be constructed this year and the demands and supply is expected to rise by 2010. Check out Sandy Utah Foreclosures and Sandy Utah Short Sales as expected to be outnumbering in the real estate market.

via Realtor.org Daily Real Estate News