Published by Mark
The December numbers have yet to be completed, but the November statistics are in. November 2007’s foreclosure filings were up 68% over November of 2006, with just shy of 202,000 filings for the month. This amounts to one foreclosure filing for every 617 U.S. households!
Obviously, these numbers do not represent good news. However, as a bankruptcy attorney in Indiana accustomed to working every day with people in financial distress, I realize that many, many homeowners have more than one mortgage on their home, and so would be counted twice when the statistics were compiled. I know, too, that the numbers include default notices along with auction sales, and bank repossessions. At least some of these default notices need not turn into foreclosures, especially if attorneys can work with the property owners on a bankruptcy strategy that would allow them to stay in their home.
There was one small but significant piece of good news delivered along with the November 2007 statistics. Foreclosure rates in the U.S. actually fell 10% compared with the October 2007 rates. According to Realty Trac, a mortgage research company, this is a hopeful sign amidst all the gloomy numbers. Since I practice bankruptcy law throughout Indiana, I was also interested in the fact the Indiana has moved down the list of top ten states for foreclosures. Nevada, Florida, and Ohio had the highest number of foreclosures, with Indiana falling to #8. When the December numbers come in, I’ll keep you posted…