Foreclosures lists
Experts fear that over one million properties are likely to be added to foreclosures lists in 2009. Already this prediction has come true to quite an extent as 800,000 new foreclosures filings have been processed so far.
Around 259,085 homes have been giving notice about default or have been warned about an upcoming bid. The country did witness a seven percent decrease in foreclosure filings since October 2008 but that was only due to delays in processing by bank programs and state regulations. The result of this delay was that many defaulters were actually allowed to keep their homes until the procedures were completed. However in 2009 much of the procedures have been completed and the moratoria have been lifted resulted in a massive influx of foreclosures in the market. This along with rising unemployment is the major factor contributing to ever growing foreclosures lists.
Robert Hall, the Chairman of the National Bureau of Economic Research Committee and a professor at Stanford University states that rising unemployment is the biggest factors that contribute to rising foreclosure filings because it leads to default payments. Hall also stated that the price drop in the housing market would also continue during 2009 and despite the foreclosure prevention program initiated by the government there seems to be no stabilization in site. Loan modifications are not sufficient enough to let major lenders accommodate all of their borrowers. The crisis is likely to continue until the unemployment trend starts to change.
In a stark survey one of the leading foreclosure website revealed that one out of every 488 households filed for foreclosure just this last month. Nevada unwillingly boasts the largest increase in foreclosures with one out of every seventy six houses filing for foreclosures. This is more than six times the usual average. Florida comes next with one out of every one seventy three households being lost to the crisis. Florida also ranks second with 49,190 foreclosure filings besides making to most foreclosure lists. The third place is occupied by Arizona with one out of every one ninety households filing for foreclosure.
About the Author:
Joseph Smith has been educating buyers on the finer points of Foreclosures lists at ForeclosureListingsNationWide.com for over five years.