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

The Colorado Springs real estate market saw a 12% decrease in home sales from May 2010 – May 2011. I believe it has a lot to do with the home buyer tax credit that was available last year, but not this year.

Nationally, home resales slipped 4 percent in May, falling below the 5,000,000-unit mark on a seasonally-adjusted, annualized basis for the first time since February.

April’s resales were revised lower, too.

Analysts were surprised by the figures because it runs counter to the National Association of REALTORS® monthly Pending Home Sales reports.

The association’s Pending Home Sales Index is purported to be a forward-looking indicator for the housing market because 80% of homes under contract close within 60 days and recent Pending Home Sales readings show an increase in “pending” homes.

This month’s Existing Home Sales, however, fell flat.

May’s drop in home resales wasn’t limited to a particular region or price point, either. All 4 geographic regions lag last May’s results. Five of the 6 valuation ranges fell, too.

• $0-$100,000 : +6.7 percent annual change
• $100,000-$250,000 : -21.6 percent annual change
• $250,000-$500,000 : -16.0 percent annual change
• $500,000-$750,000 : -11.0 percent annual change
• $750,000-$1,000,000 : -20.7 percent annual change
• $1,000,000 or more : -11.0 percent annual change

The Colorado Springs real estate market had 780 home sales in May 2011, compared to 888 sales in May 2010.

The Existing Home Sales report wasn’t all bad, however.

Although the months of housing stock rose to 9.3 in May, the number of homes for sale nationwide fell 1%. This suggests that there weren’t as many buyers in May as compared to April — a function of weather, jobs and the economy. Since April, the jobs market and the economy have shown steady, slow improvement and Mother Nature has been less destructive.

Home resales should rebound in June and July, therefore.

If you’re a buyer in today’s Colorado Springs real estate market, home supplies are higher and mortgage rates are lower. The combination makes for ample bargain-hunting. There’s excellent “deals” to be found. Contact the Wagner iTeam for more information: 719.434.8346

Information courtesy of Bring the Blog – real estate and mortgage blog content.

However, by law, there are some things that we just cannot discuss with you, as it falls more into the realm of “opinion” than fact. These topics include:

• Anything that violates fair housing laws. We cannot talk about nor engage in any activity that discriminates against another person based on race, color, national origin, religion, sex, familial status or handicap. Read More: http://www.hud.gov/offices/fheo/FHLaws/yourrights.cfm
• How “good or bad” a school district is. Every school district offers things that may be beneficial to one person and not to another. (For more information on schools and school districts, check out GreatSchools.net)
• How “good or bad” a neighborhood is. Consider checking out http://www.city-data.com/city/Colorado-Springs-Colorado.html for crime statistics. But, for you to get the most accurate impression of a specific neighborhood, drive through it during 3 different times:
  - Weekday
  – Weeknight
  – Weekend
• By Colorado Law, a listing agent cannot disclose if there was a murder, suicide or haunting in a home (unless ok’d by home owner). If you suspect something like this, we recommend talking with a couple neighbors about the home.

If any other questions arise that we cannot answer, we will direct you to a resource that can help you. Just call 719.434.8346

Did You Know … a 1% jump in interest rate nullifies a 10% drop in home price.

Take advantage of today’s historically LOW interest rates to buy a BETTER Colorado Springs home for LESS money!

Read Also:  The Importance of Getting Pre-Qualified When Looking to Buy a Colorado Springs Home

Getting pre-qualified allows you to know exactly how much home you can afford and how much your monthly payments will be. It also allows you to find and fix any errors on your credit report before those errors stand in the way of you buying your next home.

Additionally, in the current economy, home Sellers are very hesitant to take their home off the market unless they know that the home buyer can, in fact, qualify for a loan to buy the home. Sellers do not want to risk valuable time off the market for an unqualified buyer.

Furthermore, in a Colorado Springs real estate market where there are a lot more foreclosures, short sales and bank owned homes, being pre-qualified is a MUST. Most banks will not even look at an offer, unless it is accompanied by a pre-approval letter from your lender.

For a of local and reputable lenders that we trust and recommend, please contact the Wagner iTeam: 719.434.8346