The high levels of foreclosures that have been plaguing the country for the past three years seem to be repeating in 2010 the pattern that they followed last year. The current climate of foreclosures has been progressing for the past three years and is not looking like it’s going to end anytime soon though the rates in January were an improvement over December in almost every area of the country.
While foreclosures decreased over January of this year, leading some people to believe that the rate of foreclosures was on its way to recovering, it is more likely that this January’s reduction is just a mirroring of last January’s reduction in foreclosures. If it is the case that this year’s foreclosures are reflecting the trend that we saw last year, there will be a long steady increase over the rest of this year. Foreclosures were down almost 10% from December 2009 but still 15% higher than the previous December. If this year follows the same trend as last year, we should expect one month of recovery followed by rising foreclosures over the rest of the year.
Some parts of the nation have been particularly hard hit with foreclosures over the last few years and there doesn’t seem to be any letting up for some states in the forecast for this year.
Nevada has a foreclosure rate four times the national average, even after their foreclosure rates drop by a staggering 18% over the past year, while Arizona’s foreclosure rates have climbed this year to second highest foreclosure rate in the nation. In Arizona, the Phoenix metro area even reported an increase in foreclosure rates over January while rates fell everywhere else across the nation. California and Florida both have very comparable rates of foreclosure at present, with one in every 187 homes currently being in a foreclosure proceeding.
While it is likely that we will see a repeat of the foreclosure trend that were in evidence last year, there is still hope for those who’re struggling to pay their mortgages. There is more effort being put out this year with government programs to squelch the rising rates of foreclosures across the nation; but only time will tell if they can hold back the rising flood of homes that are already undergoing the foreclosure process at this time. There are many homeowners waiting anxiously to find out if the tide will turn back the other way.
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