Asheville Foreclosures Reach Lowest Level Since 2007

Asheville foreclosure dropped again in July, marking the 10th straight month reaching their lowest level since November 2007. However I believe it is still mostly attributing the drop to banks processing delays as they take more time to take action against delinquent home owners.

On national bases for July, 212,764 homes received foreclosure filings which is a notice of default or auction sale or completed foreclosure that’s down 4 percent compared to June. Filings were 35% lower than July 2010, according to and bank repossessions were down 33.6% from its peak in September 2010. Also, initial notices of default dropped 39% year over year to fewer than 60,000, which could be an indication that fewer borrowers are falling behind on their mortgage payments or that lenders are not filing notices as promptly in the past.

For Asheville home owners trying to sell their home this may be good news as the bank owned properties have held the prices down. I do not believe this will make a significant difference but will help the seller’s home value.

I had a Client ask me when would be the best time to buy with the economy as it is and without question this is the best time to make an offer on a home.