Foreclosure Rate Leveling

June 10, 2010 at 4:49 am Leave a comment

The foreclosure crisis appears to be leveling off. The number of people facing foreclosure is nearly flat from a year ago, according to the latest report from a private foreclosure listing service. The question is how are things looking in Snohomish County.

The number of people nationally facing foreclosure is nearly flat from a year ago, according to the latest report from a private foreclosure listing service. A third fewer people are receiving legal warnings that they could lose their homes. And foreclosures are receding in some of the hardest-hit cities.

Still, the number of foreclosures remains extraordinarily high. Experts caution that a big reason for the stabilization is that banks are letting delinquent borrowers stay longer in their homes rather than adding to the glut of foreclosed properties on the market. New consumer protection laws, which vary by state, have also meant borrowers can spend more time in their homes.

A new wave of foreclosures could be coming in the second half of the year, especially if the unemployment rate remains high, mortgage-assistance programs fail, and the economy doesn’t improve fast enough to lift home sales.

Read the full article here.

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Entry filed under: Housing Market & Foreclosures. Tags: , , .

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