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Omaha Foreclosed Homes: Some of the Lowest in the U.S.

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By : John Cutts    99 or more times read
The number of Omaha foreclosed homes remains as one of the lowest in the whole United States. This is primarily due to the low number of loan delinquencies in the city and the whole state.

The Lender Processing Services (LPS) has released the latest data on nationwide mortgage loan delinquency which showed that out of 7.5 American homeowners, there is one who is either delayed in paying the mortgage or is already facing foreclosure.

The company also reported that total loan delinquencies have increased to 9.97% as of the end of 2009. The figure translates to a monthly increase of 5.46%. Loan delinquency numbers were produced minus foreclosures.

Meanwhile, mortgage loans that are about to go to delinquency are pegged at 5.01%, while improved loans are at 1.52%. The rate of foreclosure as of November 2009 is 3.19% and is expected to climb higher when the data for the first quarter of 2010 becomes available.

Despite the bleak prediction, there are still good news as some states and cities recorded low levels of delinquent loans for the period covered by LPS. Omaha foreclosed homes remain very low as Nebraska made it as one of the top states in terms of having the lowest number of loan delinquencies.

Foreclosed homes for sale in Nebraska remain few as majority of state borrowers continue to be diligent in paying their loans. Along with Nebraska, states like Vermont, Oregon, Wyoming, North Dakota and Iowa are also included in the list of U.S. states with low levels of delinquent mortgages.

Market analysts have asserted that the low number of foreclosed homes for sale in Nebraska and in other states that joined Nebraska in the list of low delinquency rates can be partly credited to several government efforts like the Home Affordable Modification Program; which was designed to mitigate foreclosures in all types of residences, including mobile homes.

Although there is continuous decline in foreclosure starts, LPS warns that this should not be taken as a good sign since increased loan delinquency will eventually create a surge of foreclosures once these loans become overdue.

The number of Omaha foreclosed homes remains at a decent level compared with other major cities in the U.S. Market analysts have explained that this is largely due to the overall low level of loan delinquency in the whole state of Nebraska.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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