Price Law Group-South Bay (Los Angeles) Articles Rate Of Foreclosures Down In 2012

Rate Of Foreclosures Down In 2012

By Price Law Group  Nov. 20, 2012 1:42p

Numbers Decreasing Across The Nation

As per reports from the federal courts system, the national pattern of steadily increasing foreclosures seems to finally be dropping off. While the numbers have been growing in the previous years, in fiscal year 2012, the rate of homes being foreclosed upon decreased for the first time in a long while.

According to the latest statistics, there have been two noticeable effects. First, homes across the United States are entering the foreclosure process at slower and slower rates. Second, fewer homes are actually being repossessed, even considering the decreased rate at the other end of the process.

In the previous fiscal year, more than a million homeowners began the path of having their houses foreclosed upon. This year, however, that number went down to just 971,533, a decline of 8 percent. On the other end, last year around 800,000 homes were taken away from their homeowners. Fro m January to September of 2012, however, that number declined significantly to just 559,063 homes, a whopping decrease of 19 percent.

Varied Explanations For Declining Statistics

In the report, several possible factors were listed to possibly explain the foreclosure decrease. The improved economy and rising home prices are an important factor in the decline. Thanks to increasing numbers of home sales, homeowners are often able to refinance their homes and lower their monthly mortgage payments. In addition, the strengthening job market and economy have improved the financial situation for many Americans, making it easier to make those payments.

Recent legislation and litigation has also had an effect on foreclosure rates. After a number of large real estate agencies were forced to pay millions of dollars in a settlement regarding charges that they were improperly processing foreclosures without verifying paperwork, the market has become more and more friendly to short sales. Congress has also passed a number of regulations and bills designed to delay the foreclosure process, giving homeowners more time to seek help and win back their homes.

Seek Help From A Foreclosure Attorney Right Away

If you have received a notice of intent to foreclose upon your home, the situation is not hopeless! With the aid of an experienced legal advocate, you can fight back. At the Price Law Group, a trained bankruptcy lawyer can meet with you and determine the best course of action to save your home. Often, the process can be immediately halted, or at least delayed, while you work out the details of your case with our firm. Do not allow your home to be taken away without a fight! Contact our offices to speak with a member of our staff before it is too late.

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