Despite a decrease in the number of foreclosures in February, foreclosures are expected to rise nationwide in the coming months according to an article published by CNN Money. This is predominantly due to a $26 billion settlement between state attorneys general and 5 big banks concerning foreclosure practices. The agreement sets forth more specific guidelines detailing how foreclosures must be handled, which allows these banks to begin moving forward with foreclosures that have spent months and even years in limbo.
Leading foreclosure cities including Tampa and Miami, Florida have already begun to show an increase in the number of homes entering foreclosure since the new guidelines were established. The state with the highest rate of foreclosure filings is Nevada with 1 in every 278 households filing for foreclosure. California is in second with 1 in every 283 households and Arizona is third with 1 in every 312 households filing for foreclosure.
A 2011 post on Michigan Forward cited Michigan as in the top five states with the highest foreclosure filings. Although this may be appealing to investors in the market for inexpensive homes, foreclosures ultimately hurt those who are foreclosed upon and tend to bring down the values of other homes in the area. The future of the market is still uncertain in most areas, but for first time buyers, foreclosures represent an opportunity to purchase a desirable home at an affordable price.
If you are looking for a home in East Lansing or the Greater Lansing areas of Michigan or would simply like more information about foreclosures, financing and other real estate related issues, please contact me at MyRealtorRob.
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