A Look At Recent Foreclosure Statistics
With the housing market in a constant state of flux right now foreclosures have been steadily on the rise. This article is going to take a look at recent foreclosure statistics and discuss briefly what it means to you. Knowing foreclosure statistics can help you if you are in the market for a new home or are planning to sell your current one.
Foreclosure Statistics - Some Cause And Effect For The Numbers
The recent trend of increased foreclosures has a cause rooted in the sub prime market crisis. Many people were given loans that are unable to pay and therefore are now being forced to foreclose on their homes. A look at the current foreclosure statistics shows the approximately 2% of all homes in the U.S. are currently in the process of foreclosure.
While that number is very bad it is also misleading. The sub prime market crisis has just really started an in many cases banks and mortgage lenders are scrambling to keep peoples homes from reaching foreclose. Eventually the lenders and borrowers will run out of options and at that time we should see a significant increase in foreclosure statistics.
At this time currently 8% of all home loans are either in the foreclosure process or dangerously delinquent. While not direct foreclosure statistics, this 8% shows that there is a significant amount of homes that are in danger of going from in trouble to foreclosure.
While these foreclosure statistics what do they mean to you the homeowner? Well, if you are staying current with your mortgage and able to keep your home you should feel very good. If you are planning to stay put and were able to take advantage of the incredibly low interest rates of the last couple of years even better for you.
However if you are planning to move or need to sell your home you could be in big trouble. Lenders are becoming more stingy and people are finding it tougher and tougher to get a loan. In addition because of the unbalanced market right now less and less people are looking to invest in property. Once a staple and seen as very stable market the home industry has become volatile and dangerous.
Well I hope the foreclosure statistics and follow information shed some light on your current situation. The best thing right now to do is keep making your payments and stay put till this blows over.
