Categorized | Residential

Foreclosures Once Again on the Rise in the United States

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Foreclosures appear to be increasing yet again in the United States, indicating that the housing market continues to remain in a slump. The gain in foreclosures was to be expected, as legalities had caused a backlog of foreclosures to be temporary delayed. The number of foreclosures is expected to continue to rise in the coming months.

The increase in foreclosures will likely cause a further delay in the recovery of the overall market. Inventory levels will likely rise in the coming months, and home values will most certainly decrease.

Despite the monthly increase in foreclosures, the numbers are down in comparison to last year, which is good news for the market as a whole. Even as the foreclosure filings continue to increase in the coming months, they are not expected to hit last year’s levels.

The Southwest posted the highest foreclosure rates in October, with Nevada, Arizona, and California leading the way. Nevada has now posted the highest foreclosure rate for fifty-eight straight months. Nevada’s foreclosure rate is triple the national average. The state outside the Southwest with the highest foreclosure rate was Florida.

While Nevada continues to be the state leader in terms of foreclosure rates, Las Vegas has finally fallen out of the top spot. Stockton, California took over as the city with the highest foreclosure rate in the United States.

The United States as a whole saw first-time default notices go out to seventy-seven thousand people, which was an increase of roughly ten percent over the past month.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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