Nashua, NH (PRWEB) June 29, 2006 -
ForeclosuresNH.com, NH's primary foreclosure notification service has recorded the largest number of foreclosure listings in a single month with 296 in June, which represented a 37% increase from May and a 9% increase (in Q2-2006) from Q1-2006. They also report, that of the total foreclosure listings in June, 61% are properties that were purchased or refinanced within the last two years, an increase of 4% from May 2006.
There are many factors contributing to this upward trend but the most noticeable factors are increased interest rates (highest its been in over 4 years) and the softening of the housing market, which is making it more difficult for homeowners who are under financial distress, to sell their home. The real estate market is currently saturated with overpriced homes that have been sitting on the market for extended periods of time because the price isn't justified or the buyers just can't afford it.
"We are seeing a trend in the NH foreclosure market where homeowners who took advantage of low rates or teaser rates on adjustable rate mortgages within the last two years are facing an adjustment on their interest rate, increasing their payments by 20-40% and most are not prepared when this happens, says James Kenney, president of ForeclosuresNH.com. "Normally, these homeowners would be able to sell or refinance their home to avoid foreclosure but with a soft real estate market and interest rates at the highest level in 4 years, they are finding themselves with very few options.
We anticipate that this trend will continue through the end of the year because in the past year alone, we have seen the percentage of homes purchased or refinanced in the last two years jump from 28% to 61% of the total foreclosure listings for the state."
ForeclosuresNH provides a detailed and updated foreclosure and REO database with many complimentary services providing their subscribers with a distinct advantage in the NH foreclosure market. An evolving website, now provides a support network for homeowners who are in or are facing foreclosure.