A recent report from Lender Processing Services may serve as a point of optimism for the national real estate market, which has been marred by distressed properties and late mortgage payments in recent months.
Overall, the report showed tha 8.13 percent of the nation's home loans were delinquent during August, representing a 2.5 percent decrease from July and an 11.8 percent decline from the previous year.
In addition, the country's foreclosure pre-sale inventory rate remained relatively unchanged during the month, rising only 0.1 percent from July to 4.11 percent of all properties. This total is up 8.2 percent from August 2010, however.
In all, the nation's foreclosure pre-sale inventory totaled 2.15 million properties during August. Factoring in properties that are 30 or more days delinquent, the total increased to 6.40 million units.
Florida, Mississippi, Nevada, New Jersey and Illinois had the highest percentage of non-current loans during August, while Montana, Wyoming, Arkansas and North and South Dakota had the lowest percentage.
In the Houston real estate market, distressed property sales accounted for 19.8 percent of all transactions during August, the Houston Association of Realtors recently reported.
Courtesy of 2M Realty News