Decline in Foreclosures Is Not What It Seems
According to a report from RealtyTrac, foreclosure filings continue across Christian County, Missouri, but are not as prominent as they were in 2008.
For the first half of 2009, there were 79 foreclosure filings in the county, which is a decrease of 28 percent from the 100 the county had during the same period in 2008.
That accounted for one filing out of every 375 households in the county, which ranked it 11th in Missouri for foreclosures.
Across the entire state of Missouri, foreclosures saw a decrease of 17 percent at 13,880 for the first half of 2009, in comparison to the first six months of 2008, in which there were 17,594 filings. Nationally, filings saw an increase of nine percent from 2008.
Don’t let these statistics fool you. While there has been a decrease in foreclosures, there has been an increase in “short sales.” Short sales are a method the bank uses before foreclosure. Because a bank doesn’t necessarily want your home, they will try and sell it for less than it is worth before foreclosure proceedings. In short, people are still suffering from the pain of debt but the banks are using different methods to deal with it. While a short sale does not hurt your credit as much, you are still losing your home.
The residents of Missouri still need help from getting out from under their debt. While the recession has slowed down spending, most people are still having a hard time getting a handle on their finances. Spending your entire paycheck leaves little room for error. If you are in danger of losing your home, it is important for you to contact an attorney experienced in home sales and foreclosures.
Tags: bankruptcy, christian county, foreclosure, foreclosure attorney, missouri, recession spending, saving your home, short sales