Foreclosure statistics remain ambiguous
On behalf of The Rollins Law Firm posted in Foreclosure on Friday, June 21, 2013.
RealtyTrac has released data that shows that national foreclosure rates as of April were up 2 percent. However, what this says about the current real estate market in Mississippi is not determined. The foreclosure rates could be up because there are Americans who are struggling with their mortgage payments and need foreclosure, but they could also be going up because banks are foreclosing on more properties in the interest of capitalizing on the rising home prices. However, despite the increase, foreclosure rates are still down from where they were a year prior.
The overall market appears to be recovering. However, statistics are showing that not all regions of the nation are recovering at the same pace. Some cities are showing tremendous increases in property prices while other cities are showing barely any improvement at all. Foreclosures themselves also present some problems because they flood the market with cheap homes that are often below market price.
Analysts who believe that the market is on its way to recovery may be overly optimistic about the overall housing situation as it applies to may households. In many locations, the recovery is not enough to offset the mortgage burden of many homeowners.
Mississippi households that are presently struggling with their mortgage can consider alternatives to their debt issues such as bankruptcy. A bankruptcy law attorney may be able to advise homeowners on their options and may even be able to provide options that could help them manage their debt. Using Chapter 13 bankruptcy to manage debts rather than discharge them may be a viable solution.
Source: 247 wallstreet, "Foreclosures up in May – RealtyTrac", June 13, 2013