As our economy struggles to get back on it’s feet, the number of foreclosure filings continue to rise and some officials are afraid we may see another surge of foreclosures to soon sweep across the nation.
Do to financial hardships such as reduced income, job loss, increase in expenses, etc, many people have found themselves in a position were their mortgage is no longer affordable. When the housing crisis first began it seemed that subprime loans were the main culprit, but now even the borrowers who had great credit, put 20% down, and have conventional fixed rate loans are struggling to maintain.
In 2009, there was a record of 2.8 million properties that were at risk of foreclosure and are expected to rise significantly in 2010, according to RealtyTrac, a California based company that monitors foreclosure activity across the US.
In January this year, there was reported a total of 315,726 properties that received at least one foreclosure notice, down from December when 349,000 notices were filed, according to RealtyTrac. But even though January seemed to show a decrease in filings from December, the number of filings increased a whopping 15% from one year ago.
During January alone banks foreclosed on 87,648 properties, this is down 5% from the previous month, but increased a dramatic 31% from the same time last year. This has made January the eleventh straight were RealtyTrac recorded foreclosure filings over 300,000.
Some believe that the slight decrease in filings for January was due to the holiday season and the days reps were out of work, making the banks backlogged.
Nevada remains the state with the highest foreclosure rating, with about one in every ninety-five properties receiving at least one notice during Jan.
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