New listings of foreclosed homes for sale in Lake Tahoe continue to drop though this isn’t the case across the United States. The number of U.S. homes entering the foreclosure process for the first time increased for the second month in a row according to RealtyTrac Inc.
Increase in Foreclosure Starts in U.S.
The increase in foreclosure starts as banks are making up for time lost last year when the mortgage industry was trying to figure out what to do amidst allegations of their mishandling of foreclosure documents. Nationally, this swell of homes entering the foreclosure process could mean there will be new foreclosures on the market by the beginning of 2013.
Lake Tahoe Sees Fewer Foreclosures For Sale
New listings of foreclosed homes for sale in Lake Tahoe continue to drop. There were 6 new listings of foreclosed homes in South Lake Tahoe. This is almost 80% less than the 26 foreclosed homes that were listed in June of 2011.
Will Lake Tahoe’s foreclosed homes for sale continue to drop or will the numbers rise as they are across the United States? We can speculate that with the current low market prices combined with low interest rates we will get an increase in demand to buy. This clearly results in more sales across the board whether they are foreclosed homes or traditional home sales.