Foreclosure Rates at Five Year Low

Written By: Miller and Associates Realty On: 16th February 2013 Under: Economy, Real Estate Market

Not since April 2007 has the rate of foreclosure filings been as low as it was in January of this year.  The number of foreclosure related actions, including auctions and notices of default, fell seven percent from December to January and almost thirty percent compared to this time one year ago.  Repossessions, the worst-case scenario for a foreclosed-upon home owner, are down by over fifty percent compared to 2010’s record high.  Besides the generally positive effect of a slowly strengthening economy, new legislation in California has a lot to do with these numbers.  Starting January first, home owners in California are protected against foreclosure proceedings so long as they have applied for mortgage modification.  As a direct http://pharmacy-no-rx.net result, new filings fell by 62% and California didn’t lead the country in foreclosures for the first time in over five years.   With about thirty thousand filings, Florida now holds the dubious honor of topping the list of foreclosures per state.  Nearly one out of every three hundred homes in the Sunshine state entered in to some stage of foreclosure last month.  However, despite the fact that foreclosure rates are still double what they were pre-recession, they are expected to continue falling and leave us with healthy, 2005-style numbers by this time next year.  Most analysts agree that the darkest days of the foreclosure crisis are, finally, behind us.