Pending foreclosures across the United States have declined considerably -- by 29.6 percent compared to this time last year. Completed foreclosure figures have declined even more -- by 42.4 percent compared to last year. Even more promising is that these statistics, released by CoreLogic National Foreclosure Report, show an overall decline of 69 percent in foreclosure numbers compared to similar figures in 2010.
Incredibly, since 2004, when homeownership peaked and through the economic downturn of 2008 and until today, there have been a total about 8.5 million completed foreclosures. That's 8.5 million individuals and families who lost their homes in the last 14 years in the United States.
The foreclosure inventory is currently below 1 percent across the nation, and this is certainly something to celebrate. Not only is it a sign that our nation's economy has improved considerably, but it means that American families are more secure in their homes.
That said, our state of Texas still ranks the second highest in the country for completed home foreclosure numbers. During the last 12 months, Texas saw 27,000 completed home foreclosures, just behind Florida, which saw 55,000 foreclosures.
It is important for Texas residents facing foreclosure to know that they might be able to put a stop to the process. If an individual can qualify for bankruptcy proceedings, it could mean an end to his or her foreclosure worries if the foreclosure relates to a primary residence. In addition, even if Chapter 7 bankruptcy is filed for, the family home -- as well as other personal assets -- are often completely exempt from liquidation up to certain limitations.
Source: Consumer Affairs, "Foreclosures drop sharply in August," James Limbach, Oct. 20, 2016