Foreclosures Will Continue to Trickle Into the Market in 2013

[Corey Dutton]

Realtytrac came out with a report last week that showed tremendous increases from 2011 in the foreclosure start rates in several U.S. States including New Jersey, Pennsylvania, and New York. New Jersey reporting a shocking 424% increase over last year’s foreclosure start numbers. Florida also showed increasing foreclosure start activity over last year, a 24% increase from the 3rd quarter of 2011.

Although some States showed a decrease in foreclosure starts from last year, the good news for real estate investors is that more foreclosures will continue to trickle into the market from States like NJ, NY, and FL. Obviously banks won’t release inventory in waves, which would stagnant the rising prices of real estate. But we should expect to see a slow trickle of foreclosure inventory coming from several States in 2013. Real estate investors who buy foreclosures should be prepared to target those States in 2013.

Posted by Corey Curwick of Private Money Utah on October 16, 2012. Read the entire Realtytrac Report here: http://www.realtytrac.com/content/foreclosure-market-report/september-and-q3-2012-us-foreclosure-market-report-7424