Some good news appears to be on the horizon as foreclosure filings fell last month. As the U.S. housing market faces a tough road ahead, many are optimistic that the worst is behind us. However, a detailed look into the past foreclosure patterns reveals some shocking statistics.
In The Numbers
Recent efforts to help homeowners get a break from the stress of the foreclosure process provided for a steep 14 percent drop in delinquent notices this month. However, this temporary foreclosure relief effort can do nothing to stave off the reality that the U.S. housing market is stuck processing 14 million at-risk properties, 1.5 million of which are currently in the foreclosure process. 3.5 million homes are estimated to be in delinquency status while another 10 million are considered “underwater”.
Nevada is among the hardest hit and continues to lead the nation for the 59th straight month in foreclosure notices, which says little about the remarkable 43 percent drop the state has seen over the last year. With California and Florida homes trailing close behind, the first quarter of 2012 is expected to be riddled with foreclosure auctions as the market attempts to digest so many distressed properties.