Lenders took hold of fewer homes nationwide for the month of January

Completed foreclosures dipped 40 percent for the month of January, dipping 4 percent from December 2013. Despite this promising figure, many states such as New York, Oklahoma, Connecticut, and New Jersey still posted high foreclosure rates.

This considerable dip can be attributed to a rebounding economy after continuous declines in the immediate years following the Financial Crisis of 2008. Rising home prices, new initiatives for job growth, and the elimination of most “liar loans”, and families staying on top of mortgage payments are aiding in this housing turnaround. Nationally, fewer homes are entering the foreclosure process.

Many states still have individuals and families that own homes with mortgages that have unfulfilled payments. States like New York and Florida continue to succumb to these backups, but states like California and Nevada have instilled new laws to add extensions for people behind on completing their mortgage payments. These extensions have resulted in homes in these states to only now go into foreclosure if new deadlines are not met. These homes could also be placed for auction. Foreclosure action rose for the first time since 2012 in California. January saw 22 states cited homes that were on the route towards foreclosure, including Maryland, Connecticut, New Jersey, and California.

Source: http://www.miamiherald.com/2014/02/13/3931019/lenders-repossessed-fewer-us-homes.html

Leave a Reply

Your email address will not be published. Required fields are marked *