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Home foreclosures drop across the nation in February

If you're worried about losing your home to foreclosure, you may want to consider your options for making lower payments or refinancing your mortgage. There are many ways to avoid or postpone foreclosures from taking place, which can be beneficial if you've fallen on hard times. Some good news, though, is that foreclosure filings are actually dropping across the nation, and they continue to steadily fall. This means more money is returning to the still-struggling economic recovery, and you may be seeing more homes with families inside and maintenance being done.

According to the news from March 13, you should be seeing a lower amount of homes heading to the foreclosure market in South Carolina. Reports in California, for example, show that default notices, scheduled auctions, and repossessions by banks have dropped in February, and things are looking good moving forward.

Nationwide, foreclosure filings have been declining. The news reports that RealtyTrac states that there were 112,498 foreclosure filings in February, and this was 10 percent less than January. Even better was the fact that this is a 27-percent decline since February 2013, and this is also the lowest monthly total of foreclosure filings since December 2006, the start of the economy's decline.

What does that mean for you now? Foreclosures may no longer be the largest threat to the housing market, and that means the economy should be getting stronger. It's been suggested that now the biggest threat to the housing market is the number of properties that have been going through foreclosures for some time without maintenance or upkeep during the time they've been in the process. That lack of maintenance could also affect the values of other residences in the surrounding neighborhoods.

Source: The Tribune, "California home foreclosures continue to decline" Mark Glover, Mar. 13, 2014

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