Heritage Law Group
Foreclosures continue to drop across the country
Since reaching a high point during last decade's Great Recession, the number of foreclosures across the country continues to decline. The rate of decline, however, does seem to be slowing down a bit.
At the peak of the last economic crisis, in 2010, there were over 2 million filings for foreclosure of a mortgage or, in the case of California, a deed of trust. This meant that home loans were failing at the rate of over 1.33%.
As of 2018, this rate is 0.47%, well under half of what it was about 10 years ago. The number of new foreclosure-related legal filings in this country was under 1 million both in 2018 and 2017.
California is faring relatively well with foreclosures when compared to its sister states. Naturally, since California has the highest population in the country, there are a lot of foreclosure filings in this state. However, when calculating the foreclosure rate, the state comes in at .34%, below the national average. A few states, including at least one on the West Coast, have recently seen a slight increase in the number of foreclosures.
Overall, many could rightly walk away concluding from these statistics that the housing market, and the overall economy, is fairly stable right now. However, as with all things, good economic times will almost inevitably come to an end as the economic cycle continues. Moreover, the fact that the foreclosure rate is low right now does not mean that it is non-existent.
Many residents of San Jose and other parts of the Bay Area may be facing foreclosure right now. Alternatively, they may realize that they are on the brink of a financial crisis and need to do something to save their home in the long run. A real estate attorney in the area may be able to help them evaluate their options.