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Nationwide foreclosure numbers declining

The state of Florida had the highest number of foreclosures of any other state over a 12-month period ending in March 2015, according to a report by CoreLogic. However, the overall number of completed foreclosures in the United States is declining. There were 41,000 completed foreclosures in March, which represents a 15.5 percent decline from the number of foreclosures that were completed in March 2014.

While the monthly numbers of completed foreclosures are declining, so are the numbers of homeowners with delinquent mortgages. CoreLogic reported that there were 19.1 percent fewer mortgages in serious delinquency in March 2015 than there were in March 2014. A mortgage is in serious delinquency when payments are at least 90 days past due.

The nationwide foreclosure inventory also declined in March compared to what it was 12 months before. There were about 542,000 homes in the foreclosure inventory in March 2015 compared to 729,000 in March 2014. These foreclosure inventory numbers represented a 25.7 percent decline in one year. From March 2014 to March 2015, there were 110,000 completed foreclosures in Florida. The state with the second highest number of completed foreclosures was Michigan with 50,000 completed foreclosures.

A person in Florida who is facing a possible foreclosure may want to speak with an attorney about how to prevent such an action. In many cases, an attorney can help a homeowner to stop the foreclosure process by proving that the bank did not have the right to foreclose. Even if the bank did have the right to foreclose, an attorney may be able to help the homeowner to at least temporarily stop the process through a bankruptcy filing.

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