Foreclosures have fallen to their lowest level in almost eight years. This can be attributed to the steady increase in jobs and rising home prices. According to the real estate trend tracking company CoreLogic, there were 38,000 completed foreclosures in July. This figure is down 6.2% from June’s numbers and it is the lowest since December 2007.
July’s figure shows a significant 67.9% decrease from the peak of 117,225 completed foreclosures back in September 2010. Anand Nallathambi, president and CEO of CoreLogic said, “As we enter the final months of 2015, the housing market continues to gather steam buoyed by improving economic conditions and the release of pent up demand for homeownership.”
Nallathambi also stated that the housing market’s recovery is reflected in the decline of delinquency and foreclosure rates. In July, the national foreclosure inventory, tracked homes at varying stages of foreclosure and found approximately 469,000. This was equivalent to 1.2% of all homes with a mortgage, which was far less than the 650,000 homes (1.7 %) in July 2014. The total decline over the past year for the national foreclosure inventory was 27.9%.
Before 2007’s housing market crash, foreclosures averaged at 21,000 per month nationwide from 2000 to 2006. Following the financial crisis that began in September 2008, there have been approximately 5.8 million completed foreclosures nationwide. Mortgages in serious delinquency (90 days or more past due) have also significantly declined by 23% over the past year.
States with the highest number of completed foreclosures from July 2014 to July 2015 were Florida with 98,000, Michigan with 47,000, Texas with 33,000, California with 27,000 and Georgia with 27,000. These states accounted for nearly half of all completed foreclosures nationally. Four states and the District of Columbia had the highest percentage of foreclosure inventory of all mortgaged homes: New Jersey with 4.8%, New York with 3.7%, Florida with 2.7%, Hawaii with 2.5% and the District of Columbia with 2.4%.
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.
Source:
http://thehill.com/policy/finance/252920-foreclosures-nearing-eight-year-low