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Foreclosure Sales Down

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More good news for the housing market: Foreclosure sales have reached their lowest level in five years, down to about 21-percent during the first quarter of 2013, according to RealtyTrac. Earlier this week, we spoke to Greater Northwest Indiana Association of Realtors CEO Peter Novak, Jr, about some recent numbers in the Region housing market... including 22 months of consecutive growth. But Novak says distressed sales, like foreclosures, impact the local median selling price... so even though foreclosures have fallen, from more than forty-percent of all home sales in the U-S four years ago, there's still a ways to go. Experts say foreclosures were averaging around five-percent of all sales around 2005, before the housing bubble burst. You can hear more of our conversation with Peter Novak Jr online at News Audio on Demand here at our website.
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