Foreclosures Waning = Homeowners Winning
When it comes to “fun homeowner conversations”, decorating, family planning, and congratulations are usually what go around before people come around at housewarming time. The specter of foreclosure however? Not so much.
With that kind of phantom hanging around in the wings, it’s no wonder taking the first steps to owning a home can seem even more daunting than they actually are! Now don’t get us wrong, it’s still a big step to take. But we’re thinking it should be less big in the sense of “almost insurmountable” and more big in the sense of “momentous”. It’s all a matter of positive framing, really.
And there really is reason to be optimistic these days! Word from the Attom Data Solutions’ Midyear 2017 Foreclosure Market Report is that not only are foreclosure rates down this year, they’re down by 22% from last year, for a confidence-boosting, record-breaking low that beats out the numbers gathered in the second half of 2015.
With the exception of two states, New Jersey and Connecticut, foreclosure rates are trending downward nationwide. And even in the cases of these two hold outs there’s good news to be had! New Jersey’s rates of foreclosure closed out the first half of 2016 at a rise of 8.53%. This year, that growth isn’t on track at all, at just 1.8%! And the Nutmeg State? Last year foreclosure rates grew by 44.75%. This year? The numbers are at a significantly shrunken 3.9%! Sure, it can’t be argued that increase is increase, and we hate to see it happen. But in order to throw things in reverse, you have to pump those brakes first. And this Top 10 list of states with the highest rates of foreclosures still shows every other state but these two on a downward trend.
You know what state you don’t see on that list? Well, not to ruin the surprise, but California! Okay, maybe that’s not much of a surprise. But if you’re subject to catastrophic thinking surrounding your new home journey or hearing the budgets go bump in the night? This can be that little shot of assurance you need to keep moving forward with a clear head. Confidence is always key…a house key in this case!