2.9 Million in Foreclosures in 2010

2.9 Million in Foreclosures in 2010

In 2010, we saw quite a few foreclosures – 2.9 million in fact.  The distressed properties we saw across the United States allowed for deeply discounted relocation destinations all through last year but it also hurt homeowners.  The discounted relocation destinations reduced equity for many homeowners which made it harder for them to actually sell their houses.

The most recent foreclosure reports tell us that there were almost 3 million foreclosure filings throughout the U.S. last year.  These foreclosures came in the form of default notices, bank repossessions, or scheduled auctions.  Real estate and banking experts claim that there could have been even more had the banks not halted lender-imposed foreclosures.

We hope that the foreclosure rate is drastically reduced this year, but it may be too early to tell what 2011 will bring us.  What we do know is that if you are planning on moving or buying a new house, you may be able to find a good deal on a house that has been foreclosed on.  However, buying a distressed property may not be the ideal way to move into a new home.  You may recall the robo-signing controversy from last year.

So, if you are planning on relocating or moving into a new area, weigh up all of your options.  While it can be a great deal to purchase a foreclosed home, do your research.  And remember, don’t buy a house, or move, if you cannot afford it.

– Lance Grooms