Foreclosure Rate in NH Slows Down: A Great Opportunity for Buyers

New Hampshire has displayed a slowing down rate of increase for foreclosed homes. How has this happened? There are 2,946 foreclosures this October, which is up by 85 percent to that of October last year. But, the peak of 149 percent has been experienced in April of this year.

The data from Real Data Corp., (publisher of "The Registry Review") revealed that there have been 58 percent more foreclosure deeds recorded for October of this year than that of 211 of last year?s. What the company records are the completed foreclosures with signed foreclosure sale documents.

According to the New Hampshire Housing Finance Authority, the foreclosure crisis is not actually getting worse, looking at 2008 experience. This is quite different from the prediction it has made through its study in December 2007, that subprime loan foreclosures within the state would average 300 through this fall.

This is a good time to buy foreclosed properties since they now come in more affordable prices. With the increasing number of foreclosures entering the market, there is also a wide range of property choices. Now that the holiday is almost here, good offers by lenders are also coming around.

Thanks to the announcement by Fannie Mae and Freddie Mac (mortgage finance companies) regarding their suspension of 16,000 foreclosures during the holiday season because it is a great help for distressed homeowners. During this suspension, the companies are going to try to work on some loan modifications.

However, NH Housing Finance Authority is expecting 100 of its loans to go into foreclosure by the end of the year since mortgage insurers has shown more willingness to work out loans in the past few months. But it is okay since there is still the presence of willingness of such companies to stay and work with their borrowers.

With the foreclosure rates slowing down, the hit of the foreclosure crisis is slowly getting softer, which is great news for everyone.