Homes going into foreclosure are skyrocketing, as the numbers continue to climb throughout the end of 2011. The housing market is still spiraling out of control as unemployment remains high across the country, and banks continue on with the seizure of delinquent homes.
Questions remain on whether we have truly peaked yet on the total number of foreclosures. Many believe that in order for the recovery process to begin, the housing market must bottom out in terms of pricing. From the looks of it, the country is still directly in the middle of a crisis, and the housing market continues on its downward decline.
Over two and a half million properties in 2010 received notices of default, which is the first step in the process of foreclosing on a home. Not only that, but many properties were also repossessed, or sent to auction as well. The number from 2010 signifies a two percent increase from 2009, and 2011 appears to be ending with an even higher percentage. Even after the overall number of filings declined towards the end of last year, the foreclosure numbers continue to mount. This is because many lenders were placed under intense scrutiny for their questionable practices.
U.S home prices remain down because of all the foreclosures flooding the market, and the consistently high unemployment rate. At 9%, the number of unemployed is still a problem that plagues the country. Home values have fallen well over 30% since the peak back in 2006. Although home values are currently remaining somewhat consistent right now, no one knows when the prices will eventually bottom out and begin climbing again. Over three million homes have been foreclosed on since 2006. Experts believe this number could very well double by the end of 2013. With so many homes being taken, people are continuing to question when will this all end.
Foreclosures continue to remain the biggest problem hindering economic growth. With over five million home loans currently delinquent, the foreclosure pipeline has a steady flow that doesn’t seem ready to cease anytime soon. It’s a timely process foreclosing on homes, and with delays in processing the notices of default, the housing crisis may last far longer then anyone has imagined. Every year foreclosure filings come streaming in, and many are put off as long as possible. Just last year, over 250 thousand filings were delayed and not processed until this year.
Banks and loan service providers in all fifty states have come under scrutiny by their attorney generals for using faulty signatures and documents. This process is becoming widely known as robo-signing, and is another reason for the many delays now occurring within the home foreclosure markets.
Home foreclosures are not restricted to any one state, although a few are more prominent then others. Nevada, California, and Arizona are just a few of the many states that have become hampered by the many foreclosure filings happening. Everyone must realize though, that no matter where they live, the foreclosure crisis is going to effect every home owner across the country. With a stagnant economy, mixed with the high unemployment, the housing crisis continues to be one of the biggest hurdles we must all overcome together.
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