Northern and Central California were hard hit during the recession, with skyrocketing foreclosures and an imploding housing market. But, the comeback is continuing. And October brought some good news for the region.
According to Central Valley Business Times, homeowners – both nationally and locally – have kept up with their mortgage payments and decreased the rate of foreclosures. Across the country, the foreclosure rate for homeowners was down by 1.26 since July – which is 0.41 percent lower than the previous year. On a statewide level, California foreclosure rates were down nearly half a percent. Additionally, 90-day delinquency rates on both a nation and statewide level have decreased by over one percent.
How does this apply to Fresno and the surrounding area?
Our region has also seen declining numbers in foreclosures. Across the area, mortgages have been steadily been paid on time, with the delinquency rate dropping by nearly half a percentage point since July. While this may not seem like a considerable amount, it contributed to the steady decline of foreclosures. Fresno foreclosures were down by nearly a quarter of a percentage point, compared to 2014. This was considerably lower than the nation average, which was 1.26 percent. But, it still means more people are staying in their homes.
While these numbers are promising, there are many more people in the Fresno area dealing with late mortgage payments. If you’re facing foreclosure proceedings and aren’t sure of what steps you need to take, contact the Law Office of Rick D. Banks to schedule an appointment today.
You can reach us at (559) 222-4891.