| Foreclosure Numbers Throughout the Nation's Housing Industry |
 |
 |
By Nick Adama One of the largest unavoidable concerns for homeowners today is the seemingly overwhelming number of foreclosures throughout the nation. 2008 was a devastating year. Foreclosure activity was rising 90% nationwide from 2007. Some localized areas were far worse, such as California which saw an increase of 150% between January and February of 2008. These statistics are a little outdated, however, since as of September 2009, nationwide foreclosure statistics have seen a small improvement. The best news is localized, however, as many of the current statistics are encompased on a nationwide level.
The main areas that real estate investors and homeowners look at when considering nationwide foreclosure statistics are the number of foreclosure filings in a certain area and the price of properties in those same areas. The current numbers suggest that there may finally be light at the end of the tunnel in terms of theproperty market. Five of the top markets have seen a lower number of filings. Michigan's figures have decreased by just over 4%, California is down by almost 5%, the number of filings in Texas has declined by more than 7%, Florida is down by 8.5% and Arizona has 9% less filings now than in 2008. Colorado has the most impressive improvement, seeing foreclosure filings drop an impressive 13%. Unfortunately, these promising statistics are not true nationwide. West Virginia, for example, actually had an increase in foreclosures in excess of 17%. Cities in the states that saw improved numbers of foreclosures are showing great improvement with a smaller number of exceptions to that fact. Phoenix demonstrated that the number of foreclosures decreased by more than 8%. Foreclosure rates in Memphis fell by almost 12% and Miami showed the most improvement with a 14% drop in filings. Several other cities also saw decreases in their numbers, but these are the most impressive foreclosure statistics nationwide. The prices in the housing market are also important in evaluating the health of the country's real estate. Four out of the top five markets in the country have seen an increase in prices. This is great news for homeowners who are looking to sell, although similarly bad news for those wishing to purchase homes at the lowest prices possible. In both states of California and Florida, the percentage of price rises is under 1%, but that amount can make a difference. Michigan, another important real estate market, saw home prices go up by 1.4%. Texas was the most impressive with an jump of 4.8% seen in housing prices. To wrap it up, nationwide foreclosure statistics are improving overall, but not everywhere. This increases in prices and decreases in foreclosure filings may have a lot to do with federal government involvement in the housing market. Hundreds of billions of direct aid and subsidies to homeowners and buyers have directed huge resources from the rest of the economy back to the housing market. Numerous foreclosure assistance programs have also been created to keep property values artificially high and foreclosure rates low. The big question is how much longer the government will be able to prop up home prices, and if there will be an even larger decline if the programs and subsidies end. Nick writes for the ForeclosureFish website, which gives homeowners the information and resources they need to avoid foreclosure on their own and fight back against the bank's lawsuit. The site describes numerous solutions to save a property, including foreclosure refinancing, deed in lieu, loan modification, stopping a sheriff auction, bankruptcy, and more. Visit the site on the web to read more about how you can avoid foreclosure and eviction, repair your credit, and establish a long term financial plan once a crisis is over: http://www.foreclosurefish.net/ |