The latest numbers from RealtyTrac Inc. on the state of foreclosures nationally are likely to be greeted as good news by many. From a big-picture perspective, they are encouraging.
The foreclosure listing company reported recently that the rate of homes facing lender repossession nationally dropped in November to a level that we haven't seen since December 2005. It says lenders initiated foreclosure actions on 52,826 homes across the country. That's a decline of 10 percent from October and 32 percent compared to one year ago at this time.
In addition, lenders completing foreclosures on homes across the country dropped to 30,461 last month. That's 19 percent lower than in October and nearly half the rate that was recorded in November 2012.
The numbers are probably little consolation to those in Texas who are in the throes of such proceedings.
RealtyTrac says the foreclosure rate in our state tends to run higher than the national average. In fact, another analytics firm, CoreLogic, says Texas was among the top five states in the nation for foreclosures in October.
The reality is that unexpected crises in life can leave a homeowner in dire financial straits. Anyone concerned with the possibility of losing their home to foreclosure should know that there are options available that may be able to stave off foreclosure. To explore those options, the best advice is to consult with an attorney -- sooner rather than later.
Perhaps the worst presumption a Texas homeowner in trouble can make is that, for some reason, the option of bankruptcy is not a viable one.
Source: Fox News, "Number of US homes entering foreclosure path, repossessed by lenders, fell sharply in November," AP, Dec. 12, 2013