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February 2014: Realtytrac’s Top 5 Foreclosure States

By on March 13, 2014 in Market Updates

According to a most recent Realtytrac (the leading online marketplace of foreclosure properties, along with detailed property and home sales data) report released for the month of February 2014, there are currently 1,196,954 properties that are in some stage of foreclosure in the United States today. The number of foreclosure filings received for the month was 10% lower than a month ago and 27% lower than a year ago.

Foreclosure data gathered for the month also revealed the nation’s top five foreclosure states:

1) Florida – 1 in every 372
2) Maryland – 1 in every 557
3) Nevada – 1 in every 633
4) New jersey – 1 in every 739
5) Illinois – 1 in every 811

Top foreclosure states are determined based on how often a housing unit is likely to file for foreclosure. Florida’s foreclosure filing was as frequent as one in every 372 housing unit. For the month of February, FL’s foreclosure filing was 7% lower than the previous month and 24% lower than the same time last year, the state still landed on the top of the list of the top five.

Maryland’s foreclosure filing for the month was 3% lower than the previous month and 30% higher than the same time a year ago. With one in every 287 housing units to file for a foreclosure, the highest foreclosure county was Prince George’s County. The state of MD had an overall of one in every 557 housing units to file for a foreclosure.

Being the nation’s number one state with the highest negative equity share, it is no surprise that Nevada is number three of the nation’s top five foreclosure states. NV’s foreclosure filing was 16% lower than a month ago and 49% lower than the same time a year ago. One in every 633 housing units filed for foreclosure.

The state of New Jersey’s foreclosure filing was 16% lower than a month ago and 49% lower than the same time last year. Analysis showed that there was one in every 739 housing units with a foreclosure filing in NJ.

Foreclosure filing in Illinois was 26% lower than the previous month and 48% lower than the same time a year ago. One in every 811 housing units filed for foreclosure for the month of February. Illinois, along with Maryland, Florida and Nevada are among the list of the nation’s top 10 negative equity states as of December 2013 according to a most recent Corelogic report.

Many homeowners today struggle with what step to take next when dealing with an underwater mortgage. What some underwater homeowners may still not know is that they do in fact have a chance to save their mortgage if they haven’t already fallen behind in payments. The Home Affordable Refinance Program (HARP) is a government initiated mortgage refinance program established by the Obama Administration and set forth by the Federal Housing Finance Agency (FHFA) to assist responsible underwater homeowners with LTVs greater than 125% a chance to reduce their monthly mortgage payments to prevent delinquency and foreclosures. The HARP Refinance Program is available until December 31, 2015 for those who haven’t already taken advantage of the program.

Click HERE to learn more about the HARP Refinance Program

However, it may be too late for underwater homeowners who have actually fallen behind on their mortgage payments due to financial hardship and may be forced to foreclose or short sale on their home. The next concern that many homeowners in this situation may have is whether or not they would be able to buy again afterwards. It is possible, considering the Federal Housing Administration’s (FHA) ‘Extenuating Circumstances Exception Program’ that may now allow homeowners to buy again as soon as a 12 month wait as long as program guidelines and criteria are met. These two programs were initiated for a economic reasons and has worked out successfully since inception for millions of homeowners today.

Click HERE to learn more about the FHA Buy Again After Program

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About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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