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Drop in Defaults on Credit Cards and in Foreclosure in York County

Karen Anne
 


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The year ending records of some of the agencies have reported that the number of people losing their properties due to foreclosure in York County has moved down a lot and fewer people are also defaulting on their credit cards. Some of the experts said that these reports are reflecting a positive light on the economic condition of the state.

Among the last six years, York County has posted the lowest number of foreclosure filings this year and the number of filings in 2010 was double the number seen this year. Till 16th December this year, starting from the same date last year, there were 1,055 foreclosure filings. But in 2010, the number was 2,080, according to Prothonotary Pam Lee.

Apart from the additional filings that appear by the end of a month, the total number of foreclosure filings in 2011 will lie between the figures seen in 2005 and 2006. In 2005, the number of foreclosure filings was 1,065 and a year later, it became 1,096 but then the foreclosure crisis had not started all across the nation.

According to many experts, this lower number of foreclosure filings in many regions all across the nation was due to the robo-signing scandal which forced banks to slow down their foreclosure proceedings.

But as banks are resuming work at their earlier usual pace, the number of foreclosure filings in different regions is likely to increase, but in York County this trend has yet not arrived, and experts are unsure whether any new foreclosure wave will hit the county.

Lee is keeping track on the records of defaults on credit cards which are filed by creditors when an owner of the credit card fails to make payment. According to Lee, there were 1,405 complaints regarding credit cards from June to December of 2010. But this year till 15th December, there were 1,359 complaints. On an average, the rate of complaints decreased to 118/month from 200/month.

Although reports show that very few people are facing foreclosure, a total recovery in the entire region will need another five years. According to Realtors Association of York & Adams Counties’ president, Marty Sowa, nearly one-third of the properties in the county are short sales or under a bank’s possession.

He said that banks and the local real estate market participants are working to make the housing market stable and are also providing assistance to homeowners so they can avoid short sales as well as foreclosure.

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 .

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