The number of homeowners who are undergoing the foreclosure process or had their homes repossessed by banks dropped last month, a foreclosure listing firm said on July 11.
Housing recovery in the U.S. continues to strengthen due to steady jobs, low interest rates, improved consumer confidence, and a demand growth for homes, as stated by the report. In fact, homeowners who enter foreclosure is estimated to only reach 800,000 this year compared to last year’s 1.1 million, RealtyTrac said. Additionally, compared to the same month last year, a 45 percent decrease of homes undergoing foreclosure process was observed, and foreclosures slowed down due to strict lending standards for home loans.
Despite home foreclosures in the U.S. dropping, some homeowners in Birmingham continue to struggle to keep their homes when facing mounting debts. Talk with a lawyer from Greenway Bankruptcy Law, LLC, to discuss how you may be able to address your debts while keeping your property by calling (205) 324-4000.