The number of home loans that entered foreclosure in the second quarter this year hit its lowest level since early 2006, just before the housing crisis, according to data released by the Mortgage Bankers Association. Housing experts attribute the low rate to an improving job market and higher home prices, another sign that the mortgage crisis is behind us- for now. At the mortgage crisis’ worst point, in the third quarter of 2009, servicers started foreclosures on 1.42% of home loans. Last quarter, they began foreclosures on only 0.4% of loans, the lowest rate since the second quarter of 2006.
Delinquency rates- those that have at least one late payment but are not yet in the process of foreclosure- decreased to 6.04% after adjusting for seasonality, reaching its lowest level since the end of 2007. However, banks still have a number of already foreclosed-upon homes to work through particularly those in “judicial states,” where foreclosures must be processed through the court and tend to take longer.
Florida, New York and New Jersey accounted for more than 40% of all loans in foreclosure in the second quarter. These three states will have a significant impact on national figures moving forward.
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.