The nation’s foreclosure rate fell last month to its lowest level since February, according to new data, but the drop may not last. A total of 306,627 Americans received a foreclosure notice in November, an 8 percent decrease from the month before but 18 percent higher than a year ago, according to a report by RealtyTrac. That is one in every 417 units receiving a foreclosure notice.
Experts believe there a several reasons for this drop but the main reasons for the drop are the approaching holiday season, the government’s modification programs and the mandatory mediation in more states between homeowners and lenders before going to foreclosure.
For example Nevada saw its foreclosure rate drop 33% from the month before but the state still leads the country in foreclosures with one in every 119 homes receiving a notice. Florida ranked second, followed by California, Arizona and Idaho. The state with the lowest rate of foreclosure was Vermont.
Though the numbers are encouraging to see there most experts believe this is going to remain a problem in the economy for some time to come.
Posted by Randy Ratchford…Randy can be reached toll free 877-627-9211 ext107 or by email RRatchford@HorizonFinancial.org
