The foreclosure crisis has been hitting in waves for the past four years across the country in every state. No one is exempt from feeling the pinch that the current economic times have produced. In March the pace slowed to the slowest in four years. The number of foreclosures recorded is at 1 out of every 418 households in the country. The numbers don't seem very promising but in comparison they do. They have dropped 2% from the foreclosures in January but 6% higher than one year previously. The statistics for these began getting recorded by RealtyTrac in January of 2006, a little over 4 years ago.
The current administration under Obama aims to combat foreclosures by keeping people in their homes and cutting down on the number of foreclosures Americans face. Over 830,000 modifications to current home loans have been made in order to fight the efforts. The 50th straight month of filings being increased was in February and marks the 12th straight month where numbers exceeded 300,000.
Although many people think that the number being smaller is a good sign it doesn't necessarily reflect that foreclosures aren't happening as much. Instead, it may show that programs to help home owners are effectively reducing the numbers due to giving relief to home owners potentially facing foreclosure in their future.
The numbers don't show hope though because in March 78,683 homes were repossessed from homeowners by the banks. This number was an increase of 6% from February but a reduction since December which is when the all time high was reached. In 2009 during the fourth quarter there were an estimated 2 million homes empty due to foreclosures. These empty homes are mainly foreclosures instead of being the desired new home building which helps the market.
The future looks like it will remain in the same park though. Experts who analyze the numbers and financial statistics estimate that these numbers of foreclosures will continue to remain high all the way through the next 12 months and even after that possibly. The highest numbers for the auctions of foreclosed homes occurred in August and were at 144,000. In March the number was 123,633 total. Foreclosures and the mortgage crisis mean that individuals who hope to get a mortgage in the future are going to have to incur more costs and it will be harder to qualify when all is said and done.
The state hardest hit by the foreclosures is Nevada followed by both Arizona and Florida. Almost one in every 100, at 1 in 102 in the state received foreclosure notices. The number of filings that were the highest occurred in the state of California because of its sheer size at 68,562 which was a drop from the previous year. The top ten states equaled out to 61% of all the foreclosures that individuals in the country faced. New York State received a 20% drop in the number of foreclosures down to 3,237. Overall, it can be assessed that the crisis continues but there may be light at the end of the tunnel.
About the Author:Watchforeclosure.com provides free foreclosure listings on bank owned properties, foreclosed homes for sale and government foreclosure properties. The listings are absolutely free; you will never have to pay a fee to access the listings.
