The Mississippi real estate market may be on the road to recovery according to recent reports showing promising news regarding home foreclosure rates. CoreLogic, a service that collects analytic data on financial matters, has found that annual foreclosures are the lowest that they have been in the past five years. Homeowners have filed for over four million foreclosures since the beginning of the recession in 2009.
Currently, the rate of foreclosure nationwide is at 2.8 percent. There are 33 states that are below this average. Mississippi is neither among the states with the highest foreclosure rates (California, Florida, Texas, Georgia and Michigan) nor the states with the lowest foreclosure rates (Hawaii, North Dakota, Washington D.C., South Dakota and West Virginia). According to MarketWatch, many of the states that have high foreclosure rates are states that require a court process for foreclosure.
The CEO of Corelogic believes that improving rates of foreclosure, improving home prices and increasing home purchases all signify positive changes in the current real estate market. He has stated that “ongoing recovery in the housing and mortgage markets continues to gather steam.”
While the real estate market is improving, the economy still hasn’t fully recovered, and there are still many reasons why homeowners might find themselves facing a foreclosure. There have been many instances of foreclosure in which banks did not follow the proper methods or the foreclosure was premature, and foreclosure and bankruptcy attorneys may be able to help with these scenarios. Foreclosure attorneys may also be able to advise a homeowner on the best and easiest ways to go through the foreclosure process or possible ways that the homeowner can legally stall the foreclosure.