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Foreclosure starts trending down across the country

Foreclosure rates saw an upward trend following the 2008 and 2009 recession, with many foreclosures related to homes sold during the bubble years from 2004 to 2008. According to a report from RealtyTrac, the most recent trends in foreclosures are showing downward trends.

Specifically, numbers for November 2015 show a 10 percent month-over-month decrease in foreclosure filings. Foreclosure filings include bank repossessions, scheduled auctions and default notices. The number was also down 7 percent from the same time in 2014.

While downward trends are a positive sign for housing markets, not everyone is out of the woods with regard to mortgages. The same report from RealtyTrac indicates that one home in every 1,268 in the country is in some stage of the foreclosure process. Approximately 59 percent of the homes involved in current foreclosure processes were sold between 2004 and 2008.

Bank repossessions, on the other hand, are up compared to last year. In fact, they are up by a whopping 35 percent. This is primarily due to banks clearing out backlogs of foreclosures related to bubble transactions and completing more foreclosures this year than last. This is despite the fact that fewer foreclosures were started this year.

Whether you are facing the first foreclosure notice or just worried about the state of your finances and whether you can keep making timely payments, it might be time to consider speaking to someone about legal debt relief options. You don't have to give up your home to seek debt relief. Chapter 13 bankruptcy plans let you keep your home and create manageable debt payment plans that help you reboot your financial life.

Source: World Property Journal, "U.S. Foreclosure Starts at 10 Year Low in November," Miho Favela, Dec. 11, 2015

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