Recent Foreclosure Statistics

Foreclosures are houses that are closed after the owner is unable to pay the mortgage in time. They are mainly houses that are owned by housing institutions and when the mortgage borrower is unable to pay, the house it taken away from them. Such houses are characterized by lower prices. This is because the money that the borrower had paid prior to the foreclosure reduces the amount that the housing institution requires to regain their money back. There has been alarming statistics on the increase in the number of foreclosures in the United States and other parts of the world.

The United States has seen a 112% increase in the number of foreclosures in the past 12 months. This is an indicator that most of the American citizens are not in a position to pay their mortgages in time hence they are evicted out of their houses. There has also been an increase in the number of lawsuits that are related to foreclosures and since the complainants are the people who have been forced out of the houses, they are not in apposition to hire a good attorney and this leads to a defeat in court.

There are expectations that if the economy in the United States does not improve there will be an increase in the number of foreclosures and the percentage may hit 150%. This is because more people are becoming bankrupt each day. This is as a result of a survey that shows that over 1.1 million homeowners will face foreclosures at the rate that the economy of the United States is moving. The greatest issue is that if the 1.1 million lose homes, the lenders too will not be in a safe position since there are estimates that they will also lose over $112.5 million. The assumption is that this is a minor loss since the expected income I the real-estate industry could be close to $12 trillion.

The current statistics show that 286000 out of 44 million mortgages result to foreclosures. This is a very large figure when it is translated to the total number of mortgages that people are taking up. The result could be a great number of people losing their hard-earned money on foreclosures and they are left homeless. With such alarming figures, the economy is likely to take a greater nosedive since research has shown that most of the people who take up mortgages are people who are financially unstable. This statistics shows that there is a high probability that such houses will be foreclosures.

On the other hand, if there will be such a great number of foreclosures for sale, the houses will become more affordable and people will get shelter. The housing agents too are likely to make profits in trillions and this will mean creation of more jobs in the real-estate industry. This statistics is regardless of the people who are new in the job market and they will also need housing hence the figures will increase exponentially in the next few years.

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