The housing price bubble collapse of 2006 put many homeowners in jeopardy of losing their homes and spawned the Great Recession. After a few dormant years the nation’s economy began to recover and, at this time, is fairly healthy. That’s why a recent article on www.realtytrac.com is so surprising. RealtyTrac, the country’s leading source for housing data, reported that foreclosure rates for May of 2015 were up 16 percent from a year ago and at a 19 month high. That’s one foreclosure filing for every 1,014 housing units, amounting to a total of 51,414 in the United States–a disturbing trend.
RealtyTrac’s vice president, Daren Blomquist, explains that this upswing is because, “Lenders and courts are pushing through stubborn foreclosure cases that have been languishing in foreclosure limbo for years as options to prevent foreclosure are exhausted or left untapped.”
Bank repossessions up for over half the country
Statistics also show that 38 states had a rise in repossessions over the last year, including New Jersey (up 197 percent) and California (up 31 percent).
Housing prices are notoriously high in Southern California, and while the repossession and foreclosure rates aren’t as bad as in other parts of the country, they are still above the pre-housing bubble collapse level.
If you own a home in Southern California and find yourself in a tough financial situation, you need to be proactive if you want to keep your house. The first step you should take is to contact an attorney with expertise in foreclosure law. The Irvine law office of McFarlin LLP represent clients throughout both Los Angeles and Orange Counties. Our attorneys are experienced and aggressive, and will stand up against banks and other lenders who are putting pressure on you.
We know you have worked hard to provide a safe and comfortable dwelling for you and your family, and we don’t want you to lose it due to an unforeseen financial crisis. Protect your home by calling McFarlin LLP at (949) 544-2640, or toll free, at (888) 728-0044. Your consultation will be free of charge.