Buy A Foreclosed Home, Get A Great, Low Mortgage Rate

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With each passing month, there are fewer and fewer foreclosures nationwide.

Another 6 Percent Decrease In Foreclosures

According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011.

A "foreclosure filing" is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession. Some homes are counted multiple times in the filing figures as their respective status progresses.

September's total filings represents a 6 percent decrease from August, and marks the 12th straight month in which foreclosure filings fell year-over-year.

There are several reasons why foreclosure filings are down, including the stabilization of home values in many U.S. markets. As home values level off and begin rising, homeowners gain options including refinancing via the HARP program, and selling without a loss.

However, another reason why filings are down is because it's taking banks a really long time to get through the foreclosure process.

Click here to for mortgage rates on a foreclosed home.

336 Days To Foreclose, On Average

RealtyTrac data shows that the average home requires 336 days to foreclose, from the date of initial default notice to final bank repossession. That's 29 days short of a year.

Of course, not all states move at the same pace.

Because of state law and personnel, homes in New York take an average of 986 days to foreclose. That's 2 years, 9 months --  the longest in the country. New Jersey is only slightly quicker at 974 days.

On the other end of the spectrum, homes in Texas foreclose the fastest, clocking just 86 days from start to finish.

Click here to for mortgage rates on a foreclosed home.

Foreclosures Remain Concentrated By State

As in prior months, bank repossessions remain concentrated by state.

6 states accounted for 51% of the country's bank repossessions in September :

• California : 16.6 percent
• Georgia : 8.5 percent
• Florida : 8.3 percent
• Texas : 6.2 percent
• Michigan : 6.1 percent
• Illinois : 5.2 percent

Collectively, these states are home to just 36 percent of the nation's population.

By contrast, the bottom 6 foreclosures states tallied just 192 repossessions -- 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.

Get A Mortgage Rate For Your Foreclosure Offer 

Shopping for foreclosed properties can be an excellent way to get "a deal". Foreclosed homes typically sell at discounts as compared to "non-foreclosed" homes, and those discounts can range to 20 percent. However, homes are often sold "as-is". This means that properties may be defective or out-of-code.

Have yourself represented by a REALTOR® when you bid on foreclosures, and make sure you're getting a great, low mortgage rates.

Click here to for mortgage rates on a foreclosed home.