There has been some stupefying news on the forefront of real estate in USA. Foreclosure in USA homes has risen by a margin of nearly 12 percent. Realtytrac has recently reported after a well conducted study that lenders have foreclosed on 78,133 homes in January of this year. This is an alarming rise from last month but a downfall from January of last year.
Bank captures at states with non-legal foreclosure methods jumped to 23 percent, but states with a legal process saw a decline of 7%.“This suggests the frozen state of the system and the overall activity and bank possession should have had a larger rise.” said Rick Sharga, who is the senior vice president at RealtyTrac.
However experts suggest that the numbers shall definitely rise and it was just a matter of time. The total number of filings of foreclosure has risen by a margin of 1 percent in January and that is 261,333. However compared to last year the filings have had a pitfall of 17 %.
Thus in January 1 of each 497 house has had a foreclosure filing. The states of California, Michigan, Arizona ,Florida and Illinois – have had the maximum filings so far in which California accounts for a quarter.
Such rise in foreclosure is a huge downfall for a market that has a number of yet to be sold houses. Further estimates suggest that foreclosures shall definitely be on the rise and its only a matter of time before which the realty market has a major crash.
