Total U.S. foreclosure starts numbered 68,800 for the month of August with a 12.23 percent increase from July. While this may seem like a large increase, the 12 percent rise in foreclosure starts in August is actually more a product of just how low starts were in July, which saw the second lowest volume of foreclosure starts in over 10 years, according the Data & Analytics division of Black Knight Financial Services, Inc.
August still remains the fifth lowest month for foreclosure starts in 10 years. 90-day defaults tend to rise in the summer months, showing the effect seasonality has on foreclosure starts.
The report states that inventory of loans in foreclosure has been on the decline for 19 consecutive months and in 51 of the past 52 months with total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure) currently sitting at 4.24 percent. This is a decrease of 6.04 percent from the previous month as well as a 11.41 percent increase from the past year.
Finally, the report states that the number of properties that are 30 or more days past due or in foreclosure sat at 2,678,000. This was a decrease of 158,000 properties in July and 483,000 properties in August of 2015.
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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 Kingcade & Garcia website at www.miamibankruptcy.com.