Dallas Bankruptcy Attorney: FORECLOSURES ON THE DECLINE IN TEXAS.
In the month of July, a total of 10,571 foreclosure postings were filed in the state of Texas. This figure represents a 10 percent decline compared to the number of filings recorded in July 2010. Nationwide the decline in the number of postings is even greater, having dropped 35 percent from the same month a year ago. But this isn’t necessarily a sign of an improving economy or recovery in the housing market.
“The downward trend in foreclosure activity has now taken on a life of its own,” says RealtyTrac CEO James J. Saccacio. “The foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”
The problem there: These are short-term fixes that do not provide any real traction for a recovery of the country’s housing sector, Saccacio adds.
“The falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio says. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.”
Faced with the prospect of losing their home, many homeowners will do whatever it takes to hang onto their home, even when it isn’t in their best interest. Many people know they can’t afford their home, but can’t accept that reality. Homeowners having difficulty with paying their mortgage should seek help from someone with experience in managing debt. A bankruptcy attorney may be able to offer a better long-term solution to protecting a home from foreclosure than can be had through a loan modification or other similar program.
(Source: bizjournals.com)
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