Buying foreclosed property makes good sense
Five of the top markets have seen a lower number of filings. Michigan’s figures have decreased by just over 4%, California is down by almost 5%, the number of filings in Texas has declined by more than 7%, Florida is down by 8.5% and Arizona has 9% less filings now than in 2008. Colorado has the most impressive improvement, seeing foreclosure foreclosure listing filings drop an impressive 13%. Unfortunately, these promising statistics are not true nationwide. West Virginia, for example, actually had an increase in foreclosures in excess of 17%.
Cities in the states that saw improved numbers of foreclosures are showing great improvement with a smaller number of exceptions to that fact. Phoenix demonstrated that the number of foreclosures decreased by foreclosure listings more than 8%. Foreclosure rates in Memphis fell by almost 12% and Miami showed the most improvement with a 14% drop in filings. Several other cities also saw decreases in their numbers, but these are the most impressive foreclosure statistics nationwide.
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