Foreclosures are Returning to Pre-Recession Levels

April 26, 2013 Posted by kingcade

The foreclosure filing rate has been dropping to levels not seen since before the housing market crashed in 2008. These include notices of default, scheduled auctions and bank repossessions. During the first quarter, the levels fell 23 percent from 2012. This is the lowest level since the second quarter of 2007. During March, the banks repossessed fewer than 44,000 homes, compared with September 2010 when the banks repossessed 100,000. RealtyTrac Vice President, Daren Blomquist said he expects to be back to normal foreclosure levels by 2014.

Foreclosure rates have been declining for the past couple of years because homeowners have been seeking alternatives such as filing for bankruptcy or a short sale. Government programs such as the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) have also helped homeowners avoid foreclosure. The $25 billion settlement deal between federal officials and the five largest mortgage lenders have also pushed the banks to agree to help struggling homeowners. As a result, the largest percentage of the foreclosure activity in the country is occurring in areas that are suffering severe economic problems and no longer in mid to upper-class neighborhoods. Many Americans who are now dealing with foreclosure are those who have recently been laid off or filed for divorce from their spouse.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, Kingcade & Garcia, P.A.

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