11
Dec
12

Foreclosure Backlogs Starting to Clear

Home prices are beginning to see a steady improvement, while the number of REOs appears to be declining, according to a report by real estate data miner Clear Capital.

REO

During the 3rd quarter, home prices were up 1.9 percent compared to the same three-month period last year. More importantly, the company said, was the decline of 6.4 percent in the number of REOs on the market.

Clear Capital suggests that of the total number of homes available for sale today, about 20.5 percent are REOs that will be sold at discounted prices. It is the first decline in the number of REOs since April 2008. The company predicted that as the share of real estate-owned properties declined, fair market values would continue to strengthen, bringing up home values.

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Jennifer Ferri, Owner

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