Homeowners in Texas can breathe a little easier after learning that their state experienced a serious drop in the foreclosure rate. According to RealtyTrac, a company that monitors foreclosure rates nationwide, the Lone Star State had some promising figures for January 2012. When compared to figures for the years before, the foreclosure rate for January 2012 decreased by 39 percent. A total of 9,085 first foreclosure notices were filed across the state. While this figure is high, it does represent a serious decrease from the preceding years. This decrease is much higher than the national average of 19 percent as reported by RealtyTrac.
Despite these promising figures, financial experts are warning the public that foreclosure filings could go back on the upswing soon. Some states actually reported an increase in filings for the first time in several years including Illinois, Indiana, Florida and Pennsylvania. These states follow in the footsteps of Massachusetts, Arizona and California which also experienced a recent increase in filings. If you want to learn about possible alternatives to foreclosure, contact the Malaise Law Firm today to set up a time to consult a San Antonio bankruptcy attorney from our office.