YOU Magazine - October 2019 - Foreclosures Decline
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YOU Magazine
Bryan Tusow     Bryan Tusow
Mortgage Consultant
Dawson Home Mortgage NMLS# 1814266
Phone: (218) 346-6371 ext. 2
Fax: (218) 346-6373
NMLS #: 942638
bryan@dawsonhomemortgage.com
www.dawsonhomemortgage.com
Dawson Home Mortgage NMLS# 1814266
October 2019



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Foreclosures Decline

Foreclosures Decline

The good news is that foreclosure rates, as of July 2019, are down 21% from a year ago, which is a remarkable development. Similarly, bank repossessions (nationally) are down nearly 42% from the same time last year, which follows consecutive months of year-over-year decreases. What's interesting about these numbers is that the states with the highest and those with the lowest rates of foreclosure and repossessions are not the usual suspects.

The states that had the worst foreclosure rates were New Jersey, with one in every 1,173 housing units; Delaware, with one in every 1,484 units; Florida, with one in every 1,391 units; Illinois, with one in every 1,484 units; and Maryland, with one in every 1,691 housing units. The metropolises hit hardest were Atlantic City (New Jersey) and the Floridian cities of Deltona-Daytona Beach and Jacksonville.

It appears that many of the northern states -- such as North Dakota, Montana, and Idaho -- show extremely low foreclosure rates. For instance, in North Dakota, only one in every 13,358 housing units foreclosed compared to New Jersey's rate of one in every 1,173 units. Perhaps rates are low in these states because home and property owners there didn't take out risky loans that increased the mortgage payment when the rates were adjusted.

Hopefully, the decline in foreclosures overall, as well as low foreclosure rates in many states, indicates a healthy economy moving into 2020 and the next decade.

Source: RealtyTrac

If you or anyone you know has questions about home loan rates or products, please reach out. I'm always happy to help. Enjoy this month's issue of YOU Magazine.


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