The last few years have brought job loss, under employment and general economic instability for many Americans. This week brought some good news to a housing market that has been staggering under the weight of the nation’s economic decline. Foreclosures have fallen in more than 60 percent of cities in the United States. A slowing of foreclosures could go a long way in stemming the tide of bankruptcy and return many to a place of financial stability.
A home is traditionally the largest single asset that the average middle-class family owns. The news of a stabilizing housing market could represent a great boost to individual wealth and the economies of many cities. In the month of September alone, 58 percent of major metropolitan housing markets saw a drop in foreclosure activity. However, some places continued to see increases in foreclosure activity – Florida especially. States like California, Nevada and Florida still top the list for highest foreclosure rates.
For those who reside outside the high foreclosure states, this drop could be a sign that the worst has passed in the housing market. States like Kansas are already known for reasonable housing prices. For example, a home in Overland Park was featured on CNN money as one of the top 10 best home deals in the best places.
For those still facing foreclosure and expanding credit card debt, however, there is a solution. A Chapter 7 bankruptcy can prevent continued harassment from your creditors and stop a foreclosure. In considering all of your options for handling debts, consumers should look at bankruptcy as a possible form of debt relief.
Source: CNNMoney, “Foreclosures fall in 62% of U.S. cities,” Les Christie, Oct. 25, 2012