February Foreclosures Increase by 60%

by on Foreclosure Rates

As the nation stumbles on the enduring mortgage crisis, the figures for February caused additional reason for many people to be dismayed. According to a report, there were 223,651 homes that entered foreclosure last February including 46,508 homes that were repossessed by their banks.

Some experts believe that the increase in February filings can be expected. With the expenses during the holidays showing up, many homeowners found themselves with additional debts. Sadly, the report also showed that none of the government interventions has improved the current market situation.

The cities hardest hit include Nevada, Florida and California. The state of Nevada recorded a 68% increase in foreclosure activity from last year while Florida had one filing for every 84 households. California, on the other hand, posted a 131 percent increase from February 2007.

Again, you can expect these states to have a market that favors buyers over sellers. If you are looking to own a property in these locations, then you should grab the great investment opportunities that these foreclosure properties can offer. Home prices have declined in these states and you can buy a foreclosed home for such a low price.

Bank Foreclosures Sale offer the best listings of foreclosure homes and you will be delighted with how easy and convenient it is to access information about these properties. You will be able to browse according to price, location and property feature if you want, to make your search a lot simpler.

But before subscribing to these foreclosure listings, it would probably be more practical if you get pre-approved for a mortgage first. It would help you find your working budget and guarantee your financial resources. You should just make sure that all your financial documents are in perfect order to avoid being rejected.