Last November, foreclosures have exhibited a drop to almost 7 percent from October. According to a report from RealtyTrac, filings for foreclosures reached 259,085 homes, which was a definite decline from October.
However, compared to records from 2007, it still shows 28% increase. Despite this slight decline, experts say this may not be sufficient to be concluded as a trend, rather just the beginning of a projected worsening in housing crisis.
Efforts on prevention of foreclosures have been seen as the reason behind these declines. Lenders have taken proceedings to a slow, and even offered some changes on mortgages of troubled homeowners. These may have caused delay in repossession of homes explaining the dip in homeowners losing their homes.
Despite these prevention efforts, homeowners still end up being delinquent payers in as short as six months. According to an economist, most mortgage modifications do not give a homeowner a principal reduction significant enough to ease the situation. Only a significantly large reduction in principal rates would save deeply troubled homeowners from foreclosures.
Moreover, with the worsening economic crisis, more people are losing their jobs. Without any source of income, they end up falling behind their mortgages. Such instances are what lead to putting more properties into foreclosures and people becoming homeless.
Among the states, Nevada had the highest foreclosure filings recorded in November. Florida came in second with at least one filing for nearly every 173 homes. Among the top records also included Arizona. California was also among the top rated when it comes to records of these filings, even garnering the most number of overall filings hitting 60,491 homes.
With these many records of filings that may range from notices to bank repossessions itself, it only proves how unstable the dip in foreclosures is. Considering other factors like the worsening economy, only allows us to foresee an even more threatening situation in the housing industry.
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