Foreclosure activity continues to slow throughout the United States.

According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.

A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.

September marks the 12th straight month in which foreclosure filings fell year-over-year.

There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It now takes a nationwide average of 336 days from the date of initial default notice to bank repossession.

Some states work quicker than others, however, because of a combination of state law and personnel.

Homes in New York take an average of 986 days to foreclose, for example, the longest in the country. Homes in Texas foreclose the quickest, registering just 86 days.

As in prior months, bank repossessions remain concentrated by state. Just 6 states accounted for half of the country’s REO last month:

• California : 16.6 percent
• Georgia : 8.5 percent
• Florida : 8.3 percent
• Texas : 6.2 percent
• Michigan : 6.1 percent
• Illinois : 5.2 percent

Collectively, these 6 states represent just 36 percent of the nation’s population.

By contrast, the bottom 6 states were home to just 192 repossessions last month — 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.

For home buyers , shopping for foreclosed properties can be an excellent way to get “a deal”. Foreclosed homes typically sell at discounts as compared to “non-foreclosed” homes, but are often sold “as-is”. This means that homes listed for sale may be defective or out-of-code.

Before placing a bid on a foreclosed home, make sure that you’re represented by an experienced real estate professional.

Let’s take a look at the sale data for Colorado Springs foreclosures and non-foreclosures for August 2011:

Colorado Springs Foreclosures

• Sold homes: 70 homes
• Average List Price: $171,166
• Average Sold Price: $163,131 (96% of asking price)
• 3 Beds 2 baths
• Average Days on Market: 109

Colorado Springs Non-Foreclosures

• Sold homes: 388 homes
• Average List Price: $247,335
• Average Sold Price: $239,911 (97% of asking price)
• 3 Beds 2 baths
• Average Days on Market: 84

In August, 2011 18% of the Colorado Springs home sales were in some stage of foreclosure. Based on the above information, we can see that foreclosures are generally lower priced, but based on the percentage of asking price, they are not necessarily lower than market value.

Read Also:

• What Should I Know About Buying a Colorado Springs Foreclosure?
• Buying a Colorado Springs Foreclosure or Bank Owned Home
• How to Buy a Bank Owned Home in Colorado Springs

For the 9th straight month last month, foreclosure activity slowed.

According to foreclosure-tracking firm RealtyTrac, the number of foreclosure filings dropped 29 percent nationwide on an annual basis in June. The phrase “foreclosure filing” is a catch-all term, comprising default notices, scheduled auctions, and bank repossessions.

June marked the ninth consecutive month of sub-300,000 filings after 20 months above it – a promising signal for the housing market nationwide.

It’s also noteworthy that each of the 10 most foreclosure-heavy states showed fewer foreclosures in June 2011 as compared to June 2010, led by Florida’s 54% decline. Florida is one of 4 states on the leading edge of foreclosure activity since 2007.

The other 3 states performed similarly well in June:

• California : -22% on an annual basis
• Arizona : -7% on an annual basis
• Michigan : -25% on an annual basis

The decrease in foreclosure filings comes at a time when buyer demand is highest. According to the National Association of REALTORS®, “distressed properties” account for more than 30 percent of all home resales and no wonder — homes in various stages of foreclosure or sold by short sale are selling with discounts of 20 percent versus comparable non-distressed homes.

For buyers in search of foreclosures , talk with a licensed real estate. Buying homes in foreclosure follows a different process path as compared to buying a “traditional” home. Make sure you seek the help of a professional.

For more information on buying a Colorado Springs Foreclosure,
please contact the Wagner iTeam 719-434-8346

Read Also:  What Should I Know About Buying a Colorado Springs Foreclosure?

Current Colorado Springs Foreclosures for Sale

Click here to view the embedded video.
To narrow your search by price, bedrooms, bathrooms, etc., please click on the drop down menus on the top of the map.

*Homes listed above are both in some stage of foreclosure and listed for sale. This list does not include non-listed Colorado Springs foreclosures, or foreclosure properties not listed as foreclosures in the local MLS.

(See below for a list of the current available Academy District 20 Foreclosures.)

We also get a lot of questions about whether or not buying a foreclosure in these areas is a good idea. Everyone is looking for a good deal in this economy and this is a natural question.

Read Also:  Buying a Colorado Springs Foreclosure or Bank Owned Home

Here is some information that can help you make the decision as to whether buying a District 20 foreclosure is right for you.

The Facts

Since the beginning of 2011 …

• 20.9% of all home sales in this area has been a distressed property* (foreclosure, pre-foreclosure, short sale, bank owned home, etc.) *Homes marked as distressed in the MLS. Some properties may not have been properly identified, but not enough to sway the findings significantly.
• The median sales price for a foreclosure was $213,000, whereas the median price for a non-foreclosure was $309,000.

Things to Consider

• The majority of foreclosures were in neighborhoods with lower priced homes, in general.
• The higher average sales price of a neighborhood, the lower percentage of foreclosed homes were even available.

Are Foreclosures a Better Deal?

If you are looking for a “foreclosure deal” in the Academy District 20 real estate market, you will find them in the lower priced homes. However, be prepared to spend the time it takes to close on these properties and the money it may take to get the homes up to your standard of living. (Maintenance is the first thing to go when a home is going through foreclosure.) If you are willing to do this, then you may score a great “deal”.

If you are looking for a higher priced home, you can probably close in a fairly quick amount of time and move-into a clean and ready home. However, you will more than likely be paying market value. But it could be well worth it.

For more information on buying a foreclosure, or non-foreclosure home in Academy School District 20, please contact the Wagner iTeam 719.434.8346

Current available Academy District 20 Foreclosures.

Showing properties 1 - 1 of 1. See more Academy District 20 Foreclosure Homes.
(all data current as of 2/3/2012)

1. $198,000 : 8130 Lythrum Ct, Colorado Springs
   
   4 beds, 3 full baths

   Home size: 2,129 sq ft

   Lot size: 7,871 sq ft

   Listed with MB-Sunshine Real Estate

Listing information deemed reliable but not guaranteed. Read full disclaimer.