During the foreclosure crisis, which began in September of 2008, around 4.4 million homes went into foreclosure across the United States. The Gilbert Homes community was impacted just like the rest of the nation and many houses in the area went into foreclosure as well. Most of the Gilbert Homes that foreclosures as a result of the housing crisis have since been bought by private homeowners and investors and far fewer are going into foreclosure, according to Troy Reeves of the Troy Reeves Team. This news is great for people looking to sell Gilbert Homes, people who want to refi or own Gilbert Homes, and new Gilbert Homes buyers. This also signals more positivity that the economy is on the rebound. Find out what’s going on in the market and what this all means for Gilbert Homes buyers and homeowners.
Fewer Foreclosures Across the Country
In May of 2013, U.S. foreclosures, which includes homes that were in any stage of foreclosure, hovered around 1 million. Last year in May, that number was at 1.4 million. Over the past year, this country has seen almost a 30% decline in foreclosures nationwide. Also, around 2.3 million mortgage loans are considered to be seriously delinquent — that’s only 5.6% of mortgages in the United States. The number of seriously late mortgages in May is the lowest it has been since the end of 2008. In 42 different states in this country, the number of delinquent homes has decreased by double digit numbers. We also know that the current rate of problematic home loans is down to only 0.73% and will likely continue to drop.
What This Means When Selling or Buying Gilbert Homes
If you are buying or selling Gilbert Homes, this is really good news for you. When there are fewer loans in delinquent statuses or going through foreclosure, lenders are far more willing to offer mortgage loans. Buyers can now more easily qualify for mortgages on Gilbert Homes — making it much easier to sell Gilbert Homes. This information also signals more stability in the economy and housing market, making buying a home a much safer investment now than it has been in quite some time.