Foreclosure Rate Shooting High in United States

Posted on September 3rd, 2007 by hinson

According to the latest reports, very few people have succeeded in rescuing their homes from being sold to foreclosure this year. The Colorado housing division is of the say that that the filings for foreclosure are rising at a fast pace of 34 percent which has beaten the record of the last year which was set at 28,435. In the previous year, the counties of Denver, Adams and El Paso were leading the States in the foreclosure listings.

In the first half of the year 2007, there were nearly 19,460 filings for foreclosure in the entire nation. The foreclosure is increasing at a soaring rate and is likely to touch 38,000 by the end of 2007. The foreclosure rate is suggestive of the fact that the foreclosure sale is expected to hit 11,908 in the present year which is much less as compared to the year 2006. In the previous year, there were near about 13,643 foreclosure sales.

The comparison of the foreclosure listings and the foreclosure sales reveals the fact that the problem is going to worsen in the times to come. Ryan McMaken, the housing division spokesperson has highlighted varied facts. The statistics obtained in the year 2003, 2004 and 2006 indicate that the total number of houses being sold off in auction formed nearly 48% of the total foreclosed properties. It means many people succeeded in rescuing their homes from the clutches of the fraudulent lenders.

In the year 2005, almost 58% of the homes were sold in the foreclosure sale. The percentage of foreclosure sales is on a rise and it has reached to about 61% which is not a good sign at all. The auction tends to take place when the houses enter the last stage of foreclosure. Not much of resources are available that can help troubled people come out of this grave situation. What can be worse than seeing your home being sold off and that too at auction where people bid to buy the house?

There are certain options available to the homeowners to prevent their house from being foreclosed. A few of them include the options of refinancing, paying late fee and selling the home by seeking the help of a real estate agent. Homeowners who are found to be at default three times are sent a notice for foreclosure. The date of foreclosure is mostly 45-60 days from the day when the notice is sent out. If the homeowners fail to make the payment within this time period, their house is put on auction.

Via