Foreclosure Statistics Announced
Good news comes out of the latest report from an analysis that financial experts around the country rely on.
The latest figures show that, overall, foreclosure filings have fallen during the first six months of 2011. When compared to the last six months of 2010, filings dropped 25 percent; filings are down 29 percent from the first half of 2010.
While some experts were concerned about the minor increase in filings from May to June of this year, around 4 percent, the figures still represent a 29 percent decrease when compared to June 2010.
While these figures are inspiring optimism for many, they are not comforting to those who are already in the process of foreclosure. For these individuals and families, the average length of foreclosure has increased, from 277 days in the last quarter of 2010 to 318 days currently.
New York is has the worst timeline, as the average length of foreclosure, from initial notices to the sale of property, was 966 days in the second quarter. New Jersey was a close second at 944 days with Florida taking the number three spot at 676 days. Texas ranked at the bottom of the list, taking just 92 days on average to foreclose on a home.
Have questions about how you can prevent foreclosure on your Texas home? Contact a San Antonio foreclosure attorney today to discuss alternatives, like
Chapter 13 bankruptcy.