Foreclosures are at their lowest levels since 2007. This is fantastic news for homeowners who have been underwater on the value of their homes in recent years. Itâ€™s also even more evidence that the economy is stabilizing.
"Lender Processing Servicesâ€™ July Mortgage Monitor shows delinquencies dropped to 6.41% in July, down 3.96% from June. Foreclosure pre-sale inventory was also down, falling 3.46% from June. LPS Data & Analytics senior vice president Herb Blecher said the numbers, encouraging as they were, still failed to do justice to the actual improvement in foreclosures and delinquencies.â€
Even short sales and distressed sales have fallen significantly as well. Distressed sales fell 30% year-over-.year, while short salesÂ were down 60% compared to the same period in 2012.
Home prices, especially in the Truckee and Tahoe areas are stabilizing. For sellers, that means that now is a great time to sell your property. For buyers, this means that other buyers are finally feeling confident in the market and are ready to purchase so there will likely be more competition for available homes.
If youâ€™re interested in buying a Tahoe home this fall, call me today and we can discuss what youâ€™re looking for and the available homes. Iâ€™d love to share some of the beautiful Tahoe homes that are on the market right now with you. If youâ€™re planning to sell your home, now is a fantastic time to do so. I have a great marketing plan that will connect as many potential buyers to your home as possible.
For questions about buying or selling Tahoe property, give me a call at 530-386-0302. Read more about theÂ Tahoe real estate market.