The number of foreclosures on US homes are high. The April-June period saw 311,010 properties begin the foreclosure process, which is about a 9% increase from the previous quarter. In June, foreclosure filings had risen for the second consecutive month. RealtyTrac stated that, “In the first six months of the year, homes in some stage of the foreclosure process — default notices, auction sale notices and bank repossessions — topped one million.” The highest foreclosure rates are found in Nevada, followed by Arizona, Georgia, California, and Florida.
The high number of foreclosures has been a contributing factor to the low home prices, as buyers are able to purchase homes for prices that are much less than what the normal market value would be. The increased foreclosures in the first part of the year will likely result to increased short sales and bank repossessions in the second part of the year.
If you are facing foreclosure, contact an attorney. The sooner you contact an attorney the better your chances are avoiding foreclosure. Contact the law offices of Brooks & Crowley to see what seasoned legal advice our attorneys can offer you.