Foreclosures have decreased steadily over the last several months. April saw a 40-month low--decreasing 9% since March and 34% from a year ago. That's a good sign that the market is recovering. As a result, prices have stabilized or increased.
Unfortunately, foreclosures are taking longer to close. Less than 30% of foreclosures are available for sale from the bank. That translates into a huge inventory that is being strategically made available to realtors and the public.
Over 3.7 million homeowners are 90+ days delinquent in their home loans. But the options to get out of delinquency are limited. We are not seeing much improvement in loan modifications, but there is an increase in short sales.
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