Most of the real estate news that South Florida residents hear these days is good, but that is not the case throughout the rest of the nation. Banks are continuing with foreclosure proceedings in many areas, as the real estate markets remain depressed.
Many recent reports have been conflicting, sometimes showing good signs pointing toward recovery in the market, and other times showing a slide back toward the worst of the housing crisis. It can be hard to get a handle on the direction of the real estate market, but some recent figures from March are shedding some light on foreclosures.
The percentage of borrowers who faced delinquent payments remained unchanged from February to March. But the number of completed foreclosures rose by about 3,000 altogether during the same time period. This increase can be seen in a negative light, but the data also shows that the number from March is lower than the number was in March of 2011, suggesting an improvement in the overall foreclosure statistics.
One representative from CoreLogic, a data analysis firm, said these figures may suggest that mortgage loan modifications and short sales are increasingly used to address the problem of foreclose.
Millions of families have faced foreclosure over the last several years. It can be a scary prospect, knowing that you may lose your home and face serious credit ramifications.
Anyone facing a foreclosure lawsuit should know that one of the best options is to stand up to the bank with a strong legal defense. Defending against a foreclosure lawsuit can lead to a successful modification of your loan terms with the bank, allowing you to remain in your home while you work to improve your financial situation.
Source: Reuters, “March foreclosures rise on month, fall on year,” Leah Schnurr, May 1, 2012