Foreclosures across the country dropped 15 percent in the first quarter of 2011 when compared to the fourth quarter of 2010. Foreclosures have now reached a three year low. Notices of defaults to repossessions have dropped 27 percent in the first quarter of 2011 according to RealtyTrac. This is the biggest drop RealtyTrac has recorded since they started tracking the online foreclosure marketplace in 2005. There were a total of 681,153 filings reported throughout the country for the first quarter of 2011, which places 1 in every 191 U.S. housing units with receiving a foreclosure filing.
The Triangle area saw foreclosure rates drop 10 percent for the first quarter of the year. Hard hit foreclosure states such as Florida are seeing a majority of banks and servicers under investigation for improper review and handling of foreclosure documents. This may be attributing to slowing down the foreclosure process. Foreclosing filings declined 62% to 58,322 in the first quarter from the same time last year in the struggling state of Florida.
The Glen Laurel area in Clayton, NC has been especially hit hard with foreclosures over the past few years. If you are looking to move you should really consider purchasing a home in this unique community that has something to offer everyone. Situated among rolling hills and adjacent to the banks of the Neuse River this area is perfect to call home. Living in Glen Laurel provides access to the award-winning Neuse Golf Club with numerous amenities.
If living in Glen Laurel is something you are considering and would like to learn more information, contact me, Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are a lot of questions about how the short sale process works and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answer and would love to sit down for a confidential review of your options.