Making the list for home foreclosures
By admin | April 27, 2007
Foreclosure rates are rising throughout the country and in some states at a great clip than that of others. The top 10 looks like this: Nevada, Colorado, Georgia, Michigan, California, Florida, Arizona, Ohio, Texas, and New Jersey. If you live in one of these states I am sorry to say but your foreclosure rate is through the roof.
There were 16,435 foreclosure filings in the state of Colorado for the first quarter of 2007. When you do the math that comes to 1 foreclosure out of every 111 households in the state. This figure also puts the state up 6 percent from the fourth quarter of 2006 and over 24 percent over the first quarter a year ago.
Many major metropolitan areas have noted a rise in foreclosures as well with Denver, Colorado ranking up there with Atlanta, Dallas, and Las Vegas.
Approximately one percent of all loans are in the foreclosure process, well within historical norms, says the Mortgage Brokers Association, and still down from the post-recession peak of 1.5 percent just four years ago.
It has been reported, however, that 3 out of 4 foreclosures filed will not end up in a foreclosure sale. Due in part to the owners working with the lender to work out a payment plan, perhaps refinance, or they sell the home.
This is not just a lenders problem as realtors are also advised to help out with the situation. Realtors are advised to explain to their clients what is going on as well as all the alternatives.
“Over the last few weeks, you’ve likely seen media coverage publicizing the poor performance of subprime and Alt-A mortgages (including hybrid ARMs — 2/28s and 3/27s, payment option ARMs, interest-only mortgages, stated income underwriting, and 80/20 mortgages),” says Lereah. “These reports have covered efforts by federal regulators and Congress to develop new regulations and laws to prevent abusive subprime lending practices.”
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