As the price of houses continues to grow, the dream of many people to own a home remains just that – a dream. Some may have started on their journey to buy a residential property for their family but due to financial difficulties, they have also defaulted in their monthly payments while the homes of others who failed to settle their debts had been foreclosed.
In the U.S., several states continue to be plagued by the problem of home foreclosures. The rising rate is attributed to the yearly increases in bank repossessions as states face an oversupply of distressed properties. In May 2015, housing data company RealtyTrac noted that one in every 1,041 housing units in the U.S. had a foreclosure filing with Florida having the highest rate.
Statistics from May 2015 showed that Florida had one in every 409 housing units in foreclosure. The rate may have dropped in May but a rise in completed foreclosures outweighed that fact.
In August, however, the number of florida real estate properties that received a foreclosure filing was two percent lower than in July. Meanwhile, home sales for July went down by 22 percent compared to the June figure. The median sales price of a foreclosure home was $125,000 which was 32 percent lower than sales for non-distressed homes.
For many years now, Florida has always been on the top spot of the foreclosure list owing to backlogs with lenders and courts. But although many homeowners are at risk of losing their homes, they can still seek foreclosure help from financial advisors and lawyers and stay committed to their financial obligations going into the future.
The rate in New Jersey is one in every 483 housing units. Although the state was out of the top spots a few months prior, more foreclosure filings were noted in May.
Surprisingly, the July foreclosure inventory rate reached the lowest level ever recorded for any month since 2007. Data from CoreLogic showed that the inventory for that month was estimated at 355,000 homes which was down by 29.1 percent from last year’s 501,000 during the same month. The decrease was caused by a number of factors such as loan modifications, foreclosures as well as stronger housing and labor markets. If you want to avoid foreclosures and save you home, you may consider asking for a loan modification to your mortgage lender. However, if your mortgage lender has treated you unfairly during your attempt to modify your mortgage loan, then you may consult a professional lawyer for legal assistance.
Tennessee’s rate went up by 658 percent from the May 2014 figure. In May 2015, its foreclosure rate was one in every 485 housing units. In April, the state was in the fifth spot of having the highest rate.
According to the Tennessee Housing Development Agency, the highest rates of delinquencies, REOs and foreclosures are generally in smaller counties most especially in the western part of the state. These counties are Hardeman, Haywood, Lauderdale and Henderson situated near the Memphis metropolitan area. If there is any decline, it is minimal and outpaced by the overall declines in the other parts of the state.
The state of Nevada registered a rate of one in every 590 housing units in foreclosure prompting it to go up one spot from its April 2015 ranking. Its May 2015 rate was up by about 22 percent from the 2014 figure owing to a rise in foreclosure completions.
In August, the number of properties that received a foreclosure filing was one percent lower than in July. The median sales price for a foreclosure home was $165,000 which was 20 percent lower than sales for non-distressed homes.