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Foreclosures Recede as Housing Rebounds

Oct. 13, 2013

Is the housing market back to normal yet? According to experts in the field the answer to that question is, “No, we are getting close, but aren’t there yet.” Although the number of foreclosed homes across the nation continues to fall, the number still remains higher than normal.

In a normal housing market, there is an average of 21,000 foreclosures a month, and according to a release by CoreLogic, there were approximately 48,000 foreclosures in August of this year, an amount which is thirty-five percent lower than August of 2012. The amount of homes in foreclosure or in very serious financial distress, estimated at 1.9 million, in August was also down twenty-two percent from August of last year, as well.

Trulia, a real estate online listing site, states that a typical real estate market has a delinquency and foreclosure rate of 5.25 percent, 1.5 million housing starts a year and 5.5 million existing homes sold. Experts at Trulia say by following these guidelines, the housing market is about “two-thirds back to normal.”

Although home sales are at close to normal numbers and are up thirteen percent from last year, and delinquency is down 8.66 percent, which is about sixty percent normal, home starts are at only forty percent of normal. August home starts were running at an “891,000 seasonally adjusted rate.”

CoreLogic, a leading provider of consumer, financial and property information, analytics and services to business and government, listed the five states with the highest number of completed foreclosures for the twelve months ending in August 2013 as Florida with 111,000, Michigan with 60,000, California with 58,000, Texas with 43,000, and Georgia with 40,000.

Regardless of the fact that the housing market in the U.S. is beginning to creep back to normal, there are still those home and business owners who will face foreclosure in future years. Whether you have been served with foreclosure papers or are delinquent in paying your mortgage, an attorney with experience in corporate, commercial and real estate law and litigation has the foreclosure defense strategies necessary to protect Connecticut home and business owners in financial trouble and will provide the ongoing, competent legal representation you deserve and need to protect your rights.