Study: Foreclosure Rates at Pre-Crisis Levels

A new study by mortgage technology company FNC indicates the housing demands by trade-up buyers is rising as the home equity available to these prospective buyers is improving.

According to FNC’s Foreclosure Market Report, the foreclosure market has rapidly improved in recent months with foreclosure rates approaching crisis levels. While there is still a demand for homes, home prices and the expectation of a recovered economy have stimulated the housing turnover by prospective buyers who are in a position to take advantage of low home prices.

According to FNC Director Yanling Mayer, this hard data from the past 18 months shows rising home prices and a steady foreclosure market with diminished impact. Meanwhile, a very encouraging trend has been developing, which is the rise in trade-up buyers who are seeing improving home equity as a top priority.

FNC’s report shows that foreclosure price discounts, which compare houses in foreclosure and their market value to the price paid by investors or home buyers, have dropped to a 10-year low. At the time when the mortgage crisis was at its peak, foreclosed homes were typically sold at 25 percent below their estimated market value.

Investing in foreclosed property continues to be profitable with gross capital appreciation, which is the annualized percentage difference between a foreclosed property sales price and the subsequent sale price.

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