CoreLogic: Completed foreclosures increase 6 percent from February to March
The number of completed foreclosures rose from 52,000 in February to 55,000 in March, a 6 percent increase. Compared to this time last year, foreclosures are down an impressive 16 percent, falling from 66,000 in March 2012.
On April 30, information and analytics company CoreLogic released its March National Foreclosure Report, which provides information about the amount of repossessed homes across the United States during a one-month period.
According to the data, the number of completed foreclosures rose from 52,000 in February to 55,000 in March, a 6 percent increase. Compared to this time last year, foreclosures are down an impressive 16 percent, falling from 66,000 in March 2012.
The real estate market has been in a steady state of the recovery for the past several months after being negatively affected by the Great Recession. Between 2000 and 2006 – before the financial crisis – there were an average of 21,000 completed foreclosures each month. Acknowledging that the current number is notably higher, CoreLogic president and CEO Anand Nallathambi still expressed optimism regarding the data in the company's press release.
“For 17 consecutive months, foreclosures have declined year over year across the U.S,” said Nallathambi. “Although we still have more than a million homes in some stage of foreclosure, this trend, combined with rising home prices, is another signal of a gradually improving housing market.”
If you're behind on your mortgage payments, there may be financial options you can pursue that will help you ensure that your property is not repossessed. At Atlas Law Firm, we specialize in assisting Minnesota homeowners who want to avoid a Twin Cities, Carver or Anoka County foreclosure by providing foreclosure consultation. Our experts can give you detailed information regarding bankruptcy, loan modification and foreclosure postponement so that you can make the best decision for your family and keep your house.