More Americans fall victim to foreclosure in February
The research suggests that many homeowners may simply not be pursuing all their financial options when it comes to preventing foreclosure.
On March 14, RealtyTrac, an online marketplace for foreclosed properties, released its latest data regarding consumer foreclosures. In total, the organization's report found that while the number of repossessed homes fell in January by 11 percent, total foreclosure starts rose 10 percent.
Overall, more than 71,000 homes entered the foreclosure process last month, the report said, although this was down 25 percent from a year ago.
Certain states continued to be affected disproportionately by housing troubles. For example, Iowa, Wisconsin and Washington all saw monthly increases in the number of homes lost to foreclosure. By comparison, yearly and monthly decreases were observed in California, Arizona and Georgia.
Florida had the nation's highest foreclosure rate, as one in every 280 homes received a filing, which was roughly three times the national average, according to Minnesota Public Radio.
“Foreclosures have been contained as a threat to the housing market, but there's still hot spots in the foreclosure market in different states that need to be stamped out,” Daren Blomquist, RealtyTrac's vice president, said in a release.
Based on current projections, Blomquist went on to suggest that the number of foreclosures is expected to be around 600,000 for the year, which would be down slightly from the 671,000 recorded in 2012.
Still, research suggests that many homeowners may simply not be pursuing all their financial options when it comes to preventing foreclosure. At Atlas Law Firm, we specialize in assisting Minnesota homeowners who want to avoid a Twin Cities, Carver or Wright foreclosure by providing foreclosure consultation.
By meeting with one of our experts today, you can receive detailed information regarding bankruptcy, loan modification and foreclosure postponement so that you can make the best financial decision for your family and keep your home.