Good News for Foreclosures in the Midwest

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Peoples Home Equity shares foreclosure data as well as encourages refinancing to those struggling with pay their mortgage.

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The Chicago area has 4.1% of inventory in foreclosure status, and 8.1% of properties in serious delinquency.

Peoples Home Equity, a mortgage lender based in Oakbook Terrance Illinois, is proud to echo news that our nation’s housing recovery remains steady, and that foreclosures continue to decline nationwide. The numbers of foreclosures in the United States have declined according to CoreLogics National Foreclosure Report, dropping 39% national from September 2012 to September 2013.

To focus on the Midwest where Peoples Home Equity resides in, The Milwaukee Journal Sentinel stated that foreclosures in southeastern Wisconsin have declined 27% from October of 2012. Wisconsin is actually a region that is much faring better than the Chicago-Joliet-Naperville area of Illinois where Peoples Home Equity is based. Wisconsin as a whole is seeing 1.1% of real estate inventory in foreclosure with 3.2% in serious delinquency status. In contrast, the Chicago area has 4.1% of inventory in foreclosure status, and 8.1% in serious delinquency. Since foreclosure inventory was 2.3% ending in September 2013, and the national delinquency rate was 5.2%, one may conclude that the Chicago area is seeing an above average problem among its real estate.

Still, Chicago is doing better than the worst parts of the nation for these two categories: Florida, California, Texas, Michigan, and Georgia. Florida is by far the highest in foreclosures over the past 12 months nearly totaling the combined numbers of California, Texas, and Michigan for September 2013.

Seriously delinquent mortgages have declined 26.2% during this period, however much work is still to be done to keep the housing recovery on track.

To reduce this threat of delinquency Peoples Home Equity encourages its lien holders who struggle to make their mortgage payments, to refinance. The refinance process is a good choice for those locked into a high fixed rate mortgage or those unable to afford anymore increased in their adjustable rate mortgage. To see what savings one may receive, Peoples Home Equity offers a refinance calculator on its website. User can easily see what a huge saves even a 1% difference can make over the course of 30 years. The refinance process is advantageous for both the lender and lien holder since the threat of delinquency is avoided by lower monthly payments.

To discuss refinance options under a NO-PRESSURE conversation about your situation, please call Peoples Home Equity at: 615-872-0220

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Ornis Mala
Peoples Home Equity
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