New statistics released by CoreLogic which shows that foreclosures declined in July over thefirst quarter of this year where foreclosures rose over statistics from the end of last year. According to the National Foreclosure Report for July, 58,000 homes completed the foreclosure process in July, which declined from 69,000 in July of last year.
An estimated 1.3 million homes were in the national foreclosure inventory in July a slight decline over last year where 1.5 million homes were included in the national inventory.
“The decline in completed foreclosures is yet another positive signal that the housing market is continuing on a progressive path of stabilization and recovery,” explained Anand Nallathambi, chief executive officer of CoreLogic, “Alternative resolutions are helping to reduce foreclosures and often result in a more positive transition for the borrower and lower losses for investors and lenders.”
The report showed that the states with the highest foreclosure rates in a year period ending in July include California, in the number one position, Florida, Michigan, Texas, and Georgia. All of these states combined make up 48.1 percent of nationwide foreclosures.
The alternatives to foreclosure mentioned by Nallathambi include short sales, mortgage modifications and housing counseling. Though a short sale doesn’t allow a person to stay in their homes it is a much better option to a foreclosure and is less of a hit on a person’s credit.
For the majority of homeowners, a loan modification is the favored option but banks have been reluctant to offer this option, favoring short sales instead. A foreclosure attorney can work closely with a troubled homeowner and negotiate for a modification.