As Anchorage is the largest city in Alaska and accounts for half of the state’s population, it is no wonder that the number of Anchorage bank owned homes for sale is the highest among cities in the state.
Compared to other cities in the U.S., however, the number of REO houses for sale in Anchorage is among the lowest in the country. In May, there were only 104 filings, down by 17 percent from 125 in April.
The number of bank owned homes in Alaska also fell in May from 97 REO units in April. In May, there were 260 foreclosure filings, down by 9.4 percent from 287 in April. Foreclosure activity has been slowing down sharply in Alaska as there were no new default notices filed in April. Alaska ranked 43rd in foreclosure rate among states and accounted for only 0.08 percent of the nation’s total filings.
On one major real estate website, there are currently 620 Anchorage bank owned homes for sale, about 28 percent of the total number of homes listed for sale. The sales price median for all homes sold in April was $205,155, down by seven percent from the median one year earlier. The current average listing price, meanwhile, is $344,717, also down by two percent year-over-year.
Among the major reasons for foreclosures in Anchorage is mortgage fraud. Based on reports from Alaska Legal Services, which has been helping distressed homeowners in the state, realtors and brokers inflated the income levels of borrowers. They also artificially improved credit ratings by advising borrowers to trade in older-model cars to newer models, making it appear initially that buyers had improved their financial standing.
People were also enticed to buy with the rosy statement that mortgage rates are going to fall down sharply and that they will be able to refinance to reduce their monthly payments.
For people interested in Anchorage bank owned homes for sale, they just have to explore reliable foreclosure listings to be able to find the best-priced homes.
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