Real estate agents may find themselves busier lately, as more houses are listed, but according to recent data, fewer and fewer of those homes are bank owned properties.
According to RealtyTrac, foreclosure filings were down 5 percent in the U.S. from March to April, and 23 percent lower than the previous year. Similarly, sales of bank owned homes drastically decreased in the first quarter, falling to a fiver-year low, which may end up having a positive effect on the American housing market.
The sales of bank owned properties declined by 16 percent from the previous quarter and fell 23 percent from the first quarter of last year. Bank owned properties and homes already in the process of foreclosure went from 25 percent to 21 over the past year, according to the source.
The Associated Press notes that this decline is amidst a rise in the price of previously occupied homes, an increase of almost 10 percent over 12 months. A lack of available homes in certain markets in addition to an escalated demand has allowed the price of U.S. homes to grow.