The United States is still reeling from the memory of the so-called "Great Recession," in which many people lost their homes as a result of foreclosure. Some families continue to struggle financially as a result of the Great Recession, but recent news points to a ray of hope: U.S. foreclosure activity has fallen to an 11-year low.
Foreclosure stats for different United States cities
The third quarter of 2017 saw foreclosure rates fall by 13 percent compared to the second quarter, bringing foreclosure levels down by 35 percent compared to the previous year. These figures come from a report published by Attom Data.
The report offered foreclosure statistics for different cities throughout the United States, including Houston and Dallas. Foreclosure activity has fallen below pre-recession averages by the following percentages:
- Los Angeles is 55 percent below
- Chicago is 20 percent below
- Dallas is 77 percent below
- Houston is 63 percent below
- Miami is 51 percent below
Keep your family home and stop the foreclosure process
Facing the threat of foreclosure can can be frightening. Indeed, when you work your whole life to earn and save money to buy a home -- and when you've successfully made payments to build up a sizeable amount of equity -- you don't want to lose all of this because of a temporary financial setback.
Strategies may be available for Texas residents to prevent, delay and/or stop the foreclosure process so they can keep their homes. If you would like to know your options in this regard, a San Antonio real estate attorney can help in this regard.
Source: lscsun-news.com, "US foreclosure activity drops to 11-year low," Gary Sandler, accessed Nov. 02, 2017