The foreclosure activity heats up in the United States. There are 10 states that have been identified that are greatly affected.
Credit.Com says that foreclosure can be a painful lengthy process. For example last quarter, the average time it has been completed was 629 days- start to finish (loan default to repossession of property). The data has been released by Realty Trac, a real estate data company. According to Realty Trac, last quarter is the longest based on its record starting 2007.
One reason identified why the foreclosure rate shoot up for the month of July is because of the "sluggish procedure." There is a significant difference in comparison to last year's data. Realty Trac says that there is an increase of 7% from June, and 14% from last year. Based on analysis, it comes out that last July, one out of 1,057 homes in the United State is in a state of foreclosure.
MSN shares the top 10 states where foreclosure rate has soared higher. The number one on the list is Florida. Data shows that in 408 homes, one is in foreclosure. Maryland has 1 foreclosure property in every 513 houses. It is followed by New Jersey, 1 in every 520 houses. Nevada has 1 house foreclosed in every 587. On the fifth spot is Illinois, It has 1 property foreclosed in every 730 properties. The 6th up to the 10th spots are the following: New Mexico (1 in every 741), Georgia (1 in every 900), South Carolina (1 in every 923 ), Ohio (1 in every 932 ), and North Carolina (1 in every 970 residential properties).
St. Louis Today advises that if a homeowner finds himself or herself in "danger of falling behind on his or her monthly mortgage payments," he or she has to find ways to be able to save his or her home from foreclosure. Perhaps, cost-cut in his or her expenses. It is not easy to go through foreclosure because it is not only time consuming but also stressful and emotionally taxing. In addition, it will also seriously damage your credit, and eventually "complicate your finances" at some point.
