Is the Foreclosure Tide Ebbing?
Foreclosure numbers finally are declining in the last three months of 2009. Further, less mortgages are becoming delinquent, which may mean that foreclosure numbers will finally ebb this year.
From Cincinnati.com: “Fewer late payments are significant because it means the number of people going into foreclosure will continue to decline this year. That’s important for all homeowners in areas where cheaply priced foreclosures are bringing down neighboring values.
As of Dec 31, 2009, Ohio had the seventh-highest foreclosure rate in America with 4.7 percent households with mortgages in foreclosure. Kentucky ranked 25th with 3.3 percent of mortgages in foreclosure. . . .
In Kentucky, about 4,200 fell into foreclosure during the fourth quarter – about 100 or 2 percent fewer than the third quarter. At the end of 2009, there were 14,100 households in foreclosure and 42,100 behind on mortgage payments.”
With so many individuals still behind on their mortgages, it is a matter of time to tell if they will be able to catch up or if we see continued record foreclosure rates.
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