Housing markets across the country are improving, especially in Nevada, Florida and other important swing states that were one of the hardest hit states when the housing market crashed.
According to RealtyTrac, in Nevada, there were just over 14,000 foreclosure filings in the second quarter which is less than half the amount in at the same quarter in 2011. One of the main reasons for the foreclosure sales being on the decline is the state law passed last year cracked down on loan servicers’ practices. This lead to a decrease in foreclosure sales and an increase in short sales. Short sales are better for neighborhoods because the homes are often maintained better and command higher prices. The median price of a single family home in the largest market in the state, the Las Vegas area, has climbed 9% over the past year, according to the Greater Las Vegas Association of Realtors.
In Florida, foreclosures are rising again as banks recover from their well-documented and publicized paperwork fiasco, which forced them to greatly slow the number of delinquent homeowners they brought to court. The good news is that it’s down by about a third from the 2010 figures. The typical single family home is selling for 7.8% more than it did a year ago, according to Florida Realtors. Median sales prices are the highest they’ve been since 2009. In Ohio, prices rose 4.9%, according to the Ohio Association of Realtors. Foreclosures, however, are on the upswing.