Homes in serious delinquency have fallen to the lowest level since 2007, according to a National Foreclosure Report released by CoreLogic. Completed foreclosures dropped from 36,000 in December 2015 to 21,000 in December 2016. The report revealed that foreclosure inventory dropped by 30% annually.
The foreclosure inventory represents the number of homes that are in some stage of foreclosure, while completed foreclosures reflect the total number of homes lost to foreclosure.
Foreclosure inventory dropped to just 0.8% of all homes with a mortgage in December, down from 1.2% in December 2015.
Homes in serious delinquency, defined as those 90 days or more past due including loans in foreclosure and REO, decreased 19.4% annually in December. The states with the highest number of completed foreclosures in December 2016 included Florida with 45,000, followed by Michigan with 30,000, Texas with 24,000, Ohio with 21,000 and California with 19,000.
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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.
