Foreclosures Blog - Foreclosure Listings Nationwide

Last February, the foreclosures rate in California dropped considerably compared to last month’s records. This included a 7.6 percent drop in Notices of Default, 15 percent drop in Foreclosures at Auctions and 20 percent decrease in Notices of Trustee Sale.

According to ForeclosureRadar who compiled the date for February, the decline in foreclosures rate is a welcome break especially since December 2007 and January 200 saw astonishing increases. Despite this, the foreclosure company still believes that the nation is not in the clear. They also believe that the lack of available options for troubled homeowners might spell even more disaster in the future.

Comparing 2007 and 2008 date, there is a 59.8 increase in national foreclosures rate. This only shows how far the nation is to resolving the current housing market crisis. For the month of February, California came in at the number two spot among the states with the most foreclosure filings. The state recorded 53, 629 filings.

Lenders who are hoping to reduce their inventory for this month did not do well. Almost 98 percent of the Foreclosures at Auctions were taken back by the lenders themselves, despite offering considerable discounts as much as 30 percent. Again, this only shows a market that is having trouble finding buyers and investors. If this continues, home prices, which are at a historical low, will soon decline further.

The federal government as well as the state and local government are working round the clock to provide assistance to troubled homeowners. There are also non-profit organizations with volunteers who provide tips, legal assistance and in some cases, mediation work. As the nation holds its breath for a miracle solution to this crisis, news of a recession fill the air.

For additional foreclosure information, you should check out Foreclosure Listings Nationwide.

This entry was posted on Monday, March 24th, 2008 at 11:55 am and is filed under Foreclosure Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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