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Are Foreclosures On The Decline?

On Behalf of | Aug 24, 2017 | blog

It’s no secret that a lot of people have lost their homes over the last ten years or so. However, there is evidence that foreclosures are on the decline.

According to an article from San Antonio Business Journal, mortgage delinquencies at 30 days or more overdue dropped to 4.5 percent nationwide. Serious delinquencies, which are those at 90 days or more past due and represent those most at risk of foreclosure, dropped to 2 percent. This is the lowest it has been in a decade.

Foreclosures Are Still An Issue In The San Antonio Area

Unfortunately, despite the decline, mortgage delinquencies at 30 days or more past due in the San Antonio-New Braunfels area are still higher than the national average. The national average has dropped to 4.5 percent, but it is still at 5.6 percent locally. On the other hand, serious delinquencies are at 1.8 percent, just slightly lower than the national average of 2 percent.

While these numbers may represent some positive movement overall, they may mean very little to those who are currently being threatened with foreclosure. Thankfully, homeowners do not need to sit back and let their home be taken away. There are a variety of foreclosure prevention options available to help people address mortgage delinquency and stay in their homes.