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Foreclosures Lowest Since 2007

Posted on January 17, 2014

MH900385338As our ecomony continues to recover the housing market also improves. One indication of this trend is the decline in the number of foreclosures in 2013, which hit their lowest levels since 2007.

The national foreclosure rate dropped to just 1.04% in 2013. This is remarkably close to the historic rate of just under 1%. While many Americans still find themselves underwater, this improvement means that people are also finding it possible to dig themselves out before their homes are put on the auction block.

While national rates are low, Florida is the capital of the foreclosures list. Metro cities such as Miami, Orlando and Jacksonville sit atop the list of most foreclosures in 2013. So, if you invest in Florida real estate, you may still be able to scoop up a great deal on a home flip or new rental property.

For more on the state of our local real estate market in Northwest Florida and how these trends apply to you, contact Brad Shoults Real Estate today.

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