WNY Foreclosures Remain Far Below the National Average

The most recent data on the National Association of Realtors (NAR) web site indicates that the rate of foreclosure in Western New York is 1.6% of all outstanding home loans, whereas nationally the current rate is 2.73%.  Realty Trac, a national, web-based information clearing house, issued ominous warnings this week about an expected upswing in foreclosures in 2011 especially in the hardest hit areas. Realty Trac pointed out that 51% of all current foreclosures are in 5 states, Florida, California, Arizona, Illinois and Michigan.  A pertinent side note is that values have plummeted so drastically in Michigan that NAR removes that state when reporting national data to better represent what is happening throughout the country.

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