Foreclosures Rise And Fall Differs From State To State

April 22nd, 2008 | Tags: Foreclosure

While in Texas foreclosures are falling it is rising elsewhere, differing from one state to another, making analysis more confusing and unpredictable. Texas seems to be taking a stand against the foreclosure onslaught, according to reliable online tracking firm. During March 10,700 houses in Texas slipped into the foreclosure zone – this being 16% less than what it was during March 2007. The March figures are also less by 13% from those in the previous month.

Across the country 234,685 houses were listed for foreclosures during March – this being a 57% jump from March 2007 and a 5% increase from February 2008. An year-by-year count has shown that across US default and bank repossessions rose by 57% and by 129% respectively. This indicates that a rising number of house owners are just walking away by deeding back the property to the lender. In this way foreclosure auction is avoided – something that neither party wants. Auction notices showed a rise of 32% during this same period.

California and Florida continued to cling on to the top ranks. Together with Ohio these states reported the highest number of foreclosures during March 2008. California recorded a total number of 64,711 units going through the foreclosure process. It is a rise of 20.66% as compared to March of the previous year. But in Florida the numbers dropped by 7% in March 2008 from February of the same year. Ohio ranked third with 11,273 foreclosures being reported in March 2008. This was a spike of 37% from March of the previous year. In Buckeye State foreclosures rose by about 9% from February to March 2008.

At all levels – local, state and federal – the authorities together with the communities and the lenders are working to find out a solution. Recently a bill was passed by the Senate but it being tilted in favour of the construction lobby and the mortgage houses raised a hue and cry. President Bush was against many clauses. A rethinking is going on so that those who are in real need gets the real help. Arguments are being thrown back and forth centering on a point regarding bankruptcy. Those against it feel that it will only make the situation worse. Others say that by empowering the judges in the matter of bankruptcy it will be possible to help borrows en masse. While talk goes on the people continue to be crushed under the rolling wheels of Foreclosure juggernaut.