Banks: Foreclosure Increases , Sales Decreases
November 6, 2009 8:00 am Information, Market Growth
Now days, foreclosure is alarmingly increasing in higher rate and because of this, lenders are acquiring homes faster than selling them off.
About 2% of home loans were foreclosed by the end of last year, and was noted as the highest foreclosure rate since the Mortgage Bankers Association started collecting data.
It was also mentioned that the heaviest concentrations of foreclosed loans are in Florida, Nevada, Ohio, Michigan & Indiana. Rallying in the foreclosure are California, Arizona & Georgia. And because of this increase, it is expected that about two-thirds of homeowners will lose their homes.
And some of these houses in foreclosure state will not totally be owned by banks. Because borrower will go into deals with the lenders on easing the loan terms and allowing them to catch up on payments.
(image source : howstuffworks.com