Foreclosure Rate Slips Vary by Region of the U.S

It can be dangerous to read the news or, worse, read the media just as much as when it comes to foreclosures Durham NC news. That said, it is also imperative that you understand what foreclosures durham nc news means. It means that, right now, almost one out of every 200 homes in the United States will be foreclosed upon. That is a scary find that is far greater than the shocking headline number that has moved headlines in recent years.

In reality, while significantly the news media emphasis is on the devastating national foreclosure rates, the geographic figures may not be as dire as you may think. Foreclosure rates and delinquencies, for instance, can vary from one region to another in the U.S.

According to reliable data, nationwide the following figures are out now:

Nevada has the highest foreclosure rate, with one in every strip of land experiencing more than one foreclosure filing last month. All but one of the 20 hardest-hit areas for foreclosure rates include Nevada.

According to REO Storm, a mortgage tracking firm, currently the 20 highest rates for foreclosure filings are all located within Nevada. And the real estate vulnerability facing homeowners in Nevada might just be a one-time oddity — many homeowners are simply settling back into later years after years of rapid growth.

Of course there are other reasons for the vary in foreclosure rates, and Metrolist, a real estate agents’ tracking firm, points out a number of areas for stability in Durham real estate: while Nevada experienced a steady rise in home prices since 2000, the nation’s median home prices doubled in that period, while Durham rose 16 percent in the same time period.

There are other less surprising figures that can point to Durham as a viable and sustainable metropolis. According to an article regarding Durham real estate ownership trends conducted surprising Magazine, the Affordable Housing Institute at Harvard, fewer than 28 percent of families qualify for government assisted rent-controlled apartments. At the same time, nearly 60 percent of families and median incomes earn enough for decent private apartment rentals without assistance.

As you read about foreclosures and the damage they are doing to American society, you will come across the fact that after-the-fact research generally shows that homeowners are just as eager as ever to get into home ownership. And the research also indicates that foreclosed houses are not driving down property prices. In other words, foreclosed houses have a minor, if any, negative effect on prices.

For the time being, it seems like foreclosures Durham NC might be a “BIG” deal for anyone looking to invest in distressed and foreclosed properties.

Based on residential homes in the U.S. that were cited for foreclosure, the National Associations of Realtors, have reported an average interest rate for re-mortgage loans of 4.57 percent in the fourth quarter of 2006. More than 10.5 million mortgages were past due or in foreclosure during this time.

If you do your research and are smart, you can profit from the impending foreclosures Durham NC storm. If not, you may Yellow 61 and the Doe Applied to Your Home traveling down path toward you losing your home.

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