Foreclosures Fell in 2013
In today’s downtrodden economy, too many people have lost their homes. That is why it comes with a sense of relief when you review data from 2013 that show that foreclosures actually fell in 2013. While the economy still isn’t at the point it was prior to the 2008 “Great Recession” it has certainly made significant strides in improvement. Read on for a look at how the U.S. housing market stayed on top last year, and how significantly foreclosures fell in 2013.
Foreclosures Dropped to Pre-Housing Bust Levels
According to an article published by CNN, foreclosures in the United States fell to pre-housing bust levels. This is huge news since the country has struggled and fought to earn back stable ground. The record high for foreclosures occurred in September of 2010, when over 100,000 homes were foreclosed upon. In June of 2013, roughly 45,000 homes were foreclosed upon, which is a dramatic improvement. This is a seven year low which can be seen as evidence that the economy and housing market is recovering from the down fall of 2008.
Housing Markets Stabilizing
In 2013, the U.S. housing market showed continued signs of stabilization which gives renewed hope to Americans. Rising from the ashes of a soured economy where so many people lost their jobs, their houses and their sense of stability, news that the foreclosures fell back to normal rates is welcoming news to many people. While 40,000 foreclosures is still a very high number, it is still charted improvement upon past years.
A Promising Outlook for 2014
With the number of total foreclosures falling, it is giving many citizens renewed hope for a promising outlook in 2014. While only time will tell if the U.S. economy and housing markets can maintain this pattern, it certainly appears that the market is strengthening and we are getting closer to having our economy back to where it was.
The Bottom Line
If the total foreclosures can continue to drop, our housing market and overall economy could start to show signs of finally stabilizing. While many citizens are better off than they were in 2008, 2009 or 2010, many folks are still struggling. News like this brings a glimmer of hope to the struggling Americans who have lived paycheck to paycheck for years and hope to be able to secure their own piece of the American Dream once again.
Rick Davidson, guest contributor, covers financial and real estate markets for several top money magazines. His work includes reviews of companies like Money Mutual, interviews with top CEOs, and in depth features on importance topics in personal finance.