Foreclosing Homes Decrease in the Month of January

According to a recent article in the Los Angeles Times, there has even a decrease of homes that are in the foreclosure process from the month of January. This monthly report shows that yet again the number or foreclosures continues to decline; an encouraging word to hear after the many years of the tougher economy that caused many people to lose their homes.

The report was conducted by the Irvine-based CoreLogic group, and they released just last week that there was a 3.3% drop from the month of December 2012 to January 2013. Their studies show that across the nation there are currently 1.2 million homes that are in the process of foreclosure, meaning that 2.9% of all homes with a mortgage are being taken over by the government or creditors. While that is a small drop to say the least, when comparing to January 2012, it is a 21% decrease in just a year.

Unfortunately, there is still bad news that comes from these studies. Even though the total number of homes that are marked as being "in process" has steadily decreased, CoreLogic also notes that the actual amount of homes that have been officially completed has increased. From December to January there was actual a 10.5% increase in the amount of homes that were officially "foreclosed." When in comparison to the total number from the year of 2011, the 61,000 foreclosed homes that were completed in January; making the decrease still over 17%.

Losing your home to a foreclosure can be a difficult experience to go through, and it can greatly affect your life in many different ways. If you are currently struggling with any level of debt, consider contacting the Price Law Group today for an experienced bankruptcy attorney who can help you figure out a plan of action, and hopefully prevent your home from being taken from you. We are located in California, Nevada, Arizona and New York; contact us today to learn more!