According to a report by RealtyTrac there were 986,355 homes ready for sale in the second quarter of 2012. Of these ready to sale houses 22.8 % were foreclosed properties. The Ameraco Inc is associated with taking care of these distressed properties.
In the second quarter of 2012 many homes across the USA foreclosed for moving towards foreclosure. It was noted that one in every 236 homes had to bear the brunt of foreclosure. The foreclosure was more evident in Riverside, Calif. where every 69th homes were foreclosed. The real estate industry was flooded with fraud complaints. This high rate of foreclosure was also observed in 10 metropolitan areas.
The period was a full of problems for real estate agents and dealers. The real estate prices in areas having high foreclosure rate dwindled sharply. The same regions showed a rise in the price of during the period of 2006-07. At some places the prices just fell to the half. The Ameraco Inc acquires such properties.
Places with the most number of Foreclosures
The metropolitan areas that have seen the most number of fore closed properties fall in California and Florida. A significant number of properties in these places were with underwater mortgages.
Closely connected with Unemployment
It has been observed that places that have been most affected by the housing downturn have also seen more number of people losing their job. These places had the unemployment rate close to 10% during this period. There was a close connection between the unemployment rate and the housing downturn. It was the drop in the per capita income of families that reduced the purchasing potential of people of these regions.
The Ameraco Inc has been doing a wonderful task by acquiring foreclosed properties and passing it to those who can afford them. The company was actively involved during 2012.