Decline in Foreclosures a Boon for Home Sellers
The most promising news for housing may not be rising sales, but falling foreclosures.
While sales of new single-family homes jumped 8% in May, according to data released by the Commerce Department Monday, experts say homeowners may benefit more from the shrinking number of distressed properties on the market. Some 1.3 million properties were in the foreclosure process or bank owned in May, according to the latest data from RealtyTrac.com. That’s down 25% from a year prior and 39% off its peak in December 2010….read more