The possibility of foreclosure remains a major concern for many living in Massachusetts and across the nation. Data and analytical firms measure foreclosure rates for real estate throughout the country, reporting to banks, lenders and government officials to help gauge growth or shrinkage in home markets. Those contesting a foreclosure or seeking to make adjustments to existing rates on loans should strive to understand how this information may affect their chances at reaching an amenable agreement.
A recent report indicates that foreclosure rates have dropped since last year in the New Bedford-Fall River region of Massachusetts. Information from CoreLogic shows a decrease of 0.10 percent for foreclosures for outstanding mortgage loans for September 2012 compared to the same month in 2011.
The information indicates that the region has a lower foreclosure rate than the average of the United States as a whole. But the data also showed that 7.37 percent of loans in the region were delinquent 90 days or more in September 2012, up from 7.23 percent the year before.
These numbers may provide some insight for lenders and borrowers in the market, but families continue to struggle with the specter of foreclosure across the nation. Homeowners looking to make changes to existing loans or those desiring to borrow money for a home should seek more information on how the many laws and government policies that affect foreclosures in the United States may be pertinent to their cases.
Source: The Herald News, “Fall River-area foreclosure rate down since last year,” Brian Fraga, Dec. 20, 2012