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Joe Metzler, MLO. NMLS #274132

Foreclosures Now At 6 Year Low

Friday, October 11, 2013 - Article by: Joe Metzler, MLO. NMLS #274132 - Cambria Mortgage - Message

Nationwide, the level of foreclosures recorded in the third quarter of 2013 has hit the lowest level seen since 2007 - at the beginning of the real estate bust.

foreclosure2According to RealtyTrac, a housing date firm, 376,931 had foreclosure filings nationwide. This was a 7% decrease from the second quarter of 2013, and a giant 29% decrease from the same quarter in 2012.

While foreclosure are down, there are still way too many, and the process takes much longer as many state, county, and federal rules have been put into place to try to stop or slow the process.

Not every location is seeing a drop in foreclosures. Many states have seen big increases. Most of these increases are due to the ending of temporary foreclosure prevention measures. Millions of people nationwide were put into programs, which is in most cases, did nothing but stall the inevitable foreclosure. In addition, even a slight economic downturns at the local level can push these homeowners hanging on by a thread over the edge.

While foreclosure starts decreased in 38 states - led by Colorado, which saw a 71% drop - they rose in 11. The biggest increase was in Maryland, where foreclosure starts shot through the roof in the third quarter, spiking 259%.

A total of 174,366 properties started the foreclosure process in Q3, a 13% decrease from Q2 and a 39% decrease from a year ago.

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