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Foreclosure rates decline, bank repossession ones soar

| Dec 28, 2019 | Residential Real Estate Law

A report published by the real estate data company ATTOM Data Solutions captures how foreclosure rates declined across the United States during November of this year. They decreased 13% from what they were in October. Those same statistics show that there were 11% fewer foreclosures this year than at the same time last year. The one index that hasn’t experienced as much of a decline is the bank repossession rate. It’s currently 22% higher than it was a year ago.

The number of homes that became real estate owned (REO) properties, or taken back over by lenders, in November of this year was 13,996 units. The number of properties recovered by banks went down 27% last month from what it was the previous year.

Lenders initiated foreclosure proceedings on nearly 50,000 homeowners last month. Although that number may sound staggering, it’s 6% less than the number of homeowners who faced the same fate this time last year. It’s a 10% decline over October’s foreclosure rate.

Foreclosure proceedings increased by 77% in Indiana this year. States like Maryland, New Jersey and Delaware took the prize for the highest number of foreclosure filings though. Metro areas such as Trenton, New Jersey, Buffalo, New York experienced higher-than-usual foreclosure rates. Cleveland, Philadelphia and Baltimore also had a significant number of individuals who lost their homes.

When many people fall behind on their mortgages, they lose hope. These homeowners assume that there’s nothing that they can do so save their house from being taken away from them. That’s not true though. A residential real estate law attorney here in Norwich can negotiate with your lender in hopes of coming up with a better payment plan that will allow you to stay in your Connecticut home.

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