Law Offices of Robert E. Brown, P.C.
An article from dailyfinance.com provides information on the thousands of homeowners who are likely to lose their homes to foreclosure this year. “Nearly 528,000 homes were taken over by lenders in the first six months of the year,” according to Realty Trac Inc. The article states the “surge in foreclosures reflect a crisis that has shown signs of leveling off in recent months but remains a crippling drag on the housing market and the economy.” Statistics from the article provide that “on average, it takes about 15 months for a home loan to go from being 30 days late to the property being foreclosed and sold.” Furthermore the “number of homeowners that received a legal warning that they could lose their homes in the first half of the year climbed 8 percent from the same period last year.” Additionally, about 1.7 million homeowners received a foreclosure-related warning,” which is equivalent to about one in 78U.S. homes. Foreclosed home obviously have a terrible effect on the individual homeowners but also on the community as a whole. When a home is sold as a result of foreclosure it is generally done do at a severely depressed value, ultimately effecting the market value of surrounding homes in the area.