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Foreclosures Hit the Lowest Level Since June

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By : Leticia Carvalho    99 or more times read
In RealtyTrac’s report Thursday, the count of American homeowners drawn into the housing dilemma dropped to a significant level last month. It was reported to be the lowest since June as new legislation prolonged the course of foreclosures.

RealtyTrac’s marketing vice president, Rick Sharga, stated that there will be a notable cut in January. As job cuts continues to increase, foreclosure activity will likely tag along behind.

Foreclosure homes were down seven percent from October, but 28 percent higher the same month last year. Throughout the whole nation, more than 259,000 homes got no less than one notice linked to foreclosure in November, added RealtyTrac.

The report was released at the time that the Democrats and President-elect Barack Obama urge the government to use some portion of the bailout fund to stop the escalating crisis in the housing market.

In a report coming from Mortgage Bankers Association last week, one in ten American homeowners has a mortgage with at least a month late on their dues or going in foreclosure. Repo homes were reported to reach more than 78,000 last month, said RealtyTrac, who monitors such activity.

The worst recession ever to hit the U.S. in decades, millions of American household was embroiled with the falling property value and tighter lending norm. In a prediction made by the Federal Reserve, the number of foreclosures will arrive at about 2.25 million this year, greater than double pre-meltdown level.

The report of RealtyTrac shows Nevada, Florida and Arizona topped the country’s high foreclosure rate. One in every seventy six homes in Nevada got a file related to foreclosure last month. Florida had one in every 173 properties with foreclosure filing, and one in every 198 homes in Arizona. Finishing out the top 10 were California, Michigan, Georgia, Ohio, Colorado, Utah and Idaho.

In the group of metropolitan areas, the Cape Coral-Fort Myers district in Florida was on top with one in every 59 homes having a file for foreclosure homes. Behind it were Las Vegas, and the cities of Merced, Modesto and Stockton in California.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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