Real estate investors are always on the hunt for that new deal and the best price - and one ideal place to look is often the foreclosure listings.
However, across the U.S. the number of foreclosed houses has actually decreased from October 2012 to October 2013, according to RealtyTrac. Overall, activity has dipped 23 percent over that time span.
In stark contrast, though, has been the number of high-end foreclosures. These peak luxury homes - those valued at over $5 million - are entering the process at a fast rate, up 61 percent year-over-year.
This trend may have appeared for a number of reasons, RealtyTrac noted. For example, the better housing market could represent more buyers and higher sales prices. Therefore, lenders can earn a bigger chunk of their losses on luxury foreclosures. Some homeowners may also have been able to hang on for longer.
The states with the highest number of these foreclosures were Florida and California, accounting for more than 60 percent of the total amount. These regions have dealt with severe downturn and explosive growth over the past several years.
The process makes a difference
A logjam of foreclosures may have a serious impact on housing recovery, according to Pro Teck Valuation Services. There are two ways to go about the process - either judicial or non-judicial. The latter requires fewer steps, no court intervention and a faster process. As a result, those homes will hit the market quicker.
For example, one of the worst housing markets in terms of recovery recently was Miami, the news source noted. This is partly due to Florida's judicial foreclosure process, dragging out proceedings for a long time. On the contrary, San Diego was on the opposite end of the spectrum, thanks to California's non-judicial process.
Courthouse Retrieval System provides an accurate collection of property data and much more for any real estate professional. Access to information is crucial, and this level of knowledge can help anyone succeed in the industry.