While it is always good for the real estate industry of any country to post good sales and sales growth, what is even better is a reduction in new bank foreclosures in the market. Such revelations come from experts on the back of the recently released statistics from the Commerce Department, which highlighted that new single family home sales have shown a jump of 8 percent in the month of May.
However, while the increasing sales figures are extremely positive for the real estate industry of the country, experts suggest that the true marker of its future prospects can be seen in the fact that in the same month, the number of new bank foreclosures dropped by 25 percent. The bank foreclosures statistics also showed that foreclosure listings in May dropped by a good 39 percent when compared to the peak period of December, 2010.
These trends are not only good for the industry as a whole but also for home sellers. This is because burgeoningforeclosure listings mean that there are fewer potential buyers for homes that are offered at normal rates. As is obvious, potential home buyers tend to prefer bank foreclosures because it allows them to save a considerable amount of money.