credit: Jaypeg21We all keep waiting for news that foreclosures are on the decline. There is hope that the trend is decreasing with a new report from Realtor stating that foreclosure rates decreased four percent from January to February of this year. That isn’t enough to say for sure that we’re going to start seeing less and less foreclosures in the housing market but it’s a glimmer of hope for those people who have been waiting on the end of this negative trend.
Unfortunately, there was also some negative news in the report that may indicate foreclosures will continue to be a problem for some time. Realtor noted that comparing foreclosure rates from February of last year with those for February of this year showed that there was an increase of over fifty percent in those rates. This means that the small decrease from January to February hasn’t left enough of a dent in the rates that rose drastically over the last year.
The real key to making sure that less foreclosures take place is for those states that have the highest foreclosure rates to work more actively on the problem. Nevada, California, and Florida are the three states that really need to get their act together because they are ranked highest in foreclosure rates at the current time. If these states can protect their residents from losing their homes, we’ll start to see some real hope in resolving this nationwide problem.