In the last year, the rate of foreclosure in the Bayou region has decreased and the rate was quite low compared to the average rate across the nation. The average rate of foreclosure in all the states in the nation was quite high.
In the region of Houma-Thibodaux-Bayou Cane, the foreclosure rate dropped to 1.75% which was previously 1.86%. The nationwide average foreclosure rate was 3.43%. Since the previous year, almost half of the national average increased by 0.16% points.
The greater Houma region also saw a decrease in the number of three months delinquencies that are given on monthly mortgage payments to homeowners. The rate of delinquencies decreased to 4.5%, which was stable at 5.06% earlier.
A real estate data firm from California, CoreLogic, recently came up with different analyzed report and figures from the report revealed these percentage decreases across the region. On the basis of this report, it has been said that the condition of the state is much better compared to the other parts of the nation, where the entire economic state of the nation is going through ups and downs due to the foreclosure crisis.
However, this region was never in a devastated condition due to the foreclosure crisis, whereas other states of the country have faced the worst hits of foreclosure in different years. The employment factor in this region is comparatively on a better side than other regions because most of the people here are employed in the offshore oil industry sector.
As this sector has always been in a stable position, this has also allowed its employees to be steadily employed. The homeowners of this region have easily overcome the foreclosure crisis and succeeded in saving their properties from foreclosure due to this steady employment scenario.
Moreover, Jay Brinkmann, who is the head economist of Mortgage Bankers Association, said that the housing market and home values have also helped the homeowners of this region to avoid foreclosure.
In the words of Brinkmann, “Even if you have the same number of people getting into trouble, if home prices have generally gone up, you’re not likely to see foreclosures, because people can always sell their houses.
Where you see a great deal of foreclosures — Florida, California, Arizona — is in areas where there’s been overbuilding and the home prices have fallen. I like to say that almost every divorce in California ends in a foreclosure action, because there’s no way to sell right now out there. ”
Karen Anne, has been working on ForeclosureWarehouse.com studying the foreclosures market, helping buyers on the finer points of foreclosures for sale . Try to visit ForeclosureWarehouse.com and search foreclosed homes .