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Foreclosure rates improving in the U.S. even in lagging states

Although the United States as a whole has continued to see decreasing levels of foreclosure, there are a handful of states that still have relatively high foreclosure rates, according to data from RealtyTrac reported by USA Today.

The state of Florida reportedly still has the highest foreclosure levels across the nation, even though it improved by 22 percent in 2014. Foreclosure levels reportedly are also high in New Jersey, Maryland, Nevada, Delaware, Illinois, Ohio, Indiana, South Carolina, and Tennessee. The mentioned states reportedly have prolonged foreclosure procedures that tend to last for a year or more before concluding. Though fewer homes nowadays are entering foreclosure, property owners who are still stuck in the process are often left struggling.

In this difficult situation that your home is being threatened with foreclosure, enlisting an attorney is crucial to finding legal solutions that will save your home. Get in touch with the Birmingham lawyers of Greenway Bankruptcy Law, LLC, today at (205) 324-4000 to learn more about your options.

Foreclosures not at pre-recession levels but still improving

Although more homes were foreclosed in May than pre-recession levels, it is still nearly half the number of foreclosures that occurred in 2011, according to the Orange County Register on July 14.

According to CoreLogic data, approximately 7.8 million homes across the nation have been foreclosed in the last 11 years. This past May is the most recent month with data available; during this month, 41,000 homes in the U.S. were experienced foreclosure. CoreLogic also revealed that 491,000 homes nationwide are currently in different stages of the foreclosure procedure. Despite these seemingly large numbers, May of 2011 saw the foreclosure of 77,000 foreclosures.

The legal team of Greenway Bankruptcy Law, LLC, understands that in Birmingham alone, many homeowners are at risk of losing their homes to foreclosure. If you are in such a situation, our lawyers may be able to offer you legal solutions to save your home. Call our office today at (205) 324-4000 to find out how we may work for you.

Foreclosures increase for high end homes

According to recent data released by CoreLogic, many high end homes are undergoing foreclosure procedures even as the overall foreclosure rate continues to improve, The Wall Street Journal stated on March 5.

Though overall foreclosure rates at the end of 2014 reduced by 1.4 percent, luxury homes with mortgages of $750,000 or higher have increased by 2.5 percent. The trend of increasing foreclosure rate in homes with high mortgages started in March 2008 as the country was hit by a foreclosure crisis. A CoreLogic economist explained that wealthier homeowners were affected by the depleting stock market.

When your home is threatened by foreclosure, the situation can be devastating, especially considering any reduced financial flexibility. If you are in such a situation, a foreclosure lawyer may possibly give you other options that could allow you to keep your home. Find out how the Birmingham lawyers of Greenway Bankruptcy Law, LLC, may work for you today by calling (205) 324-4000.

5 percent increase in U.S. foreclosure rate

Real estate data provider RealtyTrac revealed on February 12 that foreclosed properties in the U.S. climbed by 5 percent over the past month–making it the highest increase in the last 15 months, Business Insurance reported.

Daren Blomquist of RealtyTrac stated that foreclosure filings are expected to increase in the next few months, as banks tend to increase “spring cleaning” in most states. Just last month, banks repossessed 37,292 residential properties. There were 51,782 houses in January headed for foreclosure auctions. The number of houses that are undergoing foreclosure procedures nationwide, on the other hand, reduced by 4 percent compared to the recorded data in 2014. RealtyTrac still identifies Florida in January as the state with highest levels of foreclosure.

In Birmingham alone, the Greenway Bankruptcy Law, LLC, lawyers believe that many people are struggling to prevent their homes from being foreclosed. If you are experiencing this, we may work for you to defend your home. Call us today at (205) 324-4000 to find out how we may help you through this stressful situation.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000