The statistics below are for the National Real Estate Market. I track these numbers to get a better of what can be predicted in the future regarding pricing of homes. As you will see because there is so much inventory yet to be sold nationally and here in York, I believe that we can expect some further depreciation of value on real estate here unfortunately. If you would want more specific information on the current market value on your property contact Jerry Pilgrim at Professional Realty Associates for a complimentary home value analysis.
National Numbers for all current FHA Mortgage Loans in the 2nd quarter 2010
3.62% in Foreclosure, 12.63% in Default (30+ days late) which means there is a Total of 16.25% FHA properties in distress.
National Numbers, VA Loans 2nd quarter 2010
2.50% in Foreclosure, 7.48% in Default (30+ days late) for a Total of 9.98%
National Numbers for Subprime Loans 2nd quarter 2010
14.38% in Foreclosure, 25.90% in default (30+ days late) which is a Total of 40.28% properties in distress
National Numbers for Prime Loans 2nd quarter 2010
3.49% in Foreclosure, 6.66% in Default (30+ days late) for a Total of 10.15% properties in distress
National Numbers 2nd quarter 2010
4.57% in Foreclosure, 9.40% in default (30+ days late) for a Total of 13.97%
National Numbers all Mortgages
Total Distressed Properties 6,216,650
Total Predicted sales 3,830,000
* Numbers provided by the Mortgage Bankers Association, based on 44.5 million mortgages, non-seasonally adjusted
The numbers above indicate a national inventory of 19+ months properties to be sold. Keep in mind real estate is a local market so the numbers will vary from area to area. Here in York County PA we currently hava 17 month inventory based on local MLS statistics.