Foreclosures – A Brief (Jan 2009)

Every County of every State within the country has been affected by the ongoing foreclosure crisis that the country is facing. As per data released by a prominent foreclosure listing agency, the country has seen an increase of 81% when it comes to foreclosure filings in 2008 as compared with 2007.

The prices of homes across the country have also been adversely affected owing to the foreclosure problem, with there being an average decline in the indexes of house prices by 4%. While different parts of different States are affected to different degrees, the negative effects, however minimal, are visible throughout the country’s entire real estate market.

For instance, while the decline in Indiana’s housing price index stands at 0.02%, North Carolina has witnessed an increase in 9% when it comes to foreclosures in 2008. Florida, on the other hand, has reported an increase of 82% in its 2008 figures for filing of foreclosures in November 2008 as compared with November 2007.

While the figures read differently for different States, there is no escaping the fact that the ongoing foreclosure / housing fiasco is a problem that has affected all the States. While measures taken by the Bush administration might not seem enough, there has been help. More hopes are now pinned on the country’s new president, Barack Obama. Since he has reiterated time and again that this issue needs to be addressed immediately, many people are hopeful of some positive change in the nation’s real estate sector.

With some form of relief in sight, many probable homebuyers across the country are looking at options within the real estate market, and foreclosure affected properties are being looked upon as viable opportunities by many.