Recovery Brings More Foreclosures

As we continue to wonder if this recovery is here to stay, the insightful folks at RealtyTrac have shown us statistics that renew concern about foreclosure rates.

Foreclosures apparently are on the rise, as banks attend to a foreclosure backlog, and can repossess homes and resell them more easily in this improved market. In May, they say that 1 in 885 U.S. homes had a foreclosure filing. This is still good news: in Q1 2006, 1 in every 358 households was in foreclosure.

As we come to the end of another record quarter at MortgageKeeper, we can’t help but agree with this pessimistic outlook. In addition, we are noticing that the recovery varies from state to state, market to market, and sometimes even neighborhood to neighborhood. This is why local, targeted resources to help with a homeowner’s financial needs is more important than ever. So while things are looking up, there are still homeowners needing help.