Recent foreclosure trends

Investors and homeowners in Minnesota may be interested in learning more about which states have been affected the most by foreclosure activity. On average, foreclosures in the second quarter of 2015 took over 625 days to complete, from defaulting on the loan to the property being repossessed. This length of time to complete the foreclosure process was the longest recorded average since 2007. The process can be tedious, and an increasing number of homes are now being foreclosed.

In July 2015, there was one home in foreclosure for every 1,057 homes in the United States. July realized a 14 percent increase in foreclosures from last year, and a 7 percent increase from the previous month. The state with the highest rate of foreclosures is Florida, recording one out of every 408 homes. With one out of every 513 homes in foreclosure, Maryland has the second-highest rate in the country. Trailing close behind, New Jersey averages one foreclosure for every 520 homes in the state.

Nevada registered 587 homes for each foreclosure, while there was one for 730 homes in Illinois. The remaining states with the highest foreclosure rates in the country belonged to New Mexico, Georgia, South Carolina, Ohio and Georgia. Homeowners are advised to avoid foreclosures whenever possible because the process is both time-consuming, costly and emotionally taxing. Foreclosures have adverse effects on the homeowner's credit report for several years after the process has finally completed.

Homeowners who are behind on mortgage payments or facing foreclosure may benefit from confiding in a lawyer. Legal counsel may be prepared to review the financials and help develop a plan that is advantageous for both the debtor and the creditor. People interested in uncovering alternative means of debt relief typically benefit from obtaining legal assistance.

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