U.S. sees Fewer Foreclosures as Banks Reclaim more Homes

May 16, 2014 Posted by kingcade

A report from RealtyTrac confirms foreclosure activity across the U.S. fell 1 percent last month, as banks scheduled fewer auctions and reclaimed more homes. The most recent drop, which includes foreclosure notices, scheduled auction and bank repossessions, is 20 percent below its year-ago level. It was also the 43rd consecutive month foreclosure activity was down on an annual basis.

Bank repossessions, still down 14 percent from a year ago, were up 4 percent in April, a likely result of the state and government interventions that slowed down the foreclosure process. In total, 30,056 homes were repossessed. According to real estate experts, the rise in bank repossessions is a sign that those markets are working through the final remnants of foreclosures left over from the housing market crash.

In Florida, one in every 400 homes is facing foreclosure and continues to have the highest rate in the nation, followed by Maryland, Delaware and Indiana. A total of 49,239 homes were scheduled for a foreclosure auction last month, down 3 percent from March and 21 percent from a year ago. It was the 41st straight month in which scheduled auctions were down on a year-on-year basis.

Click here to read more on this story.

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 Kingcade & Garcia website at www.miamibankruptcy.com.

Comments are closed.