California-based firm, RealtyTrac, has showed its report on the nationwide state of foreclosures. The company said that the nationwide number of foreclosure properties have increased to 25% this October. The data also said that, compared to September, foreclosure rates are up by 5%.
The October rating was quite unexpected since RealtyTrac has reported last month that the September foreclosure ratings were down to 12% compared to August. Analysts said that the decrease in the number of foreclosure homes in September was only due to the efforts of some states and lenders that offered to slow down the foreclosure process of delinquent accounts. Since the said solution is only temporary, foreclosures have just been stalled, not totally prevented.
It seems that experts in the field of housing market have known that this situation would occur in the future. Last August, Wall Street Journal has reported that commentators have said that the trumpeting of ‘temporary’ solutions to the problem of foreclosure will start to lose gear after several months. The said commentators believe that the rates would again surge up after three months.
However, the government seems to still be in the positive light. Last Wednesday, Treasury Secretary Henry Paulson was reported to have said that the Treasury is studying solutions to solve or help people avoid foreclosures. The future proposals for the said problem are part of the $700 billion bailout package.
Meanwhile, the state of California is singing a different tune from October’s foreclosure ratings. With the state’s implementation of foreclosure solutions, the numbers of foreclosure properties in the area are said to be have decreased to two-digit numbers. RealtyTrac Chief Executive Officer James J. Saccacio said that the state had a 44% decrease in the rates of foreclosures compared to October last year.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.
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