US’s battle with the problem of foreclosures is still on, as the foreclosures activity in the Pitkin County is nearly double of what it was in the previous year. Pitkin County has reported almost double the foreclosures as compared to the year 2009. This means that the foreclosure scenario is getting worse in the area, with more and more houses being initiated for foreclosure than the previous year. But even this worse scenario can be profitable for those who are looking to buy foreclosed properties.
According to statistics, last year around the same time, in the month of June, the foreclosures filings were reported to be 37 as compared to the proceedings in this year for the month of June, which are 76 as of now. Even by the end of 2009 the County reported a very high rate of foreclosures – 105, which has set a record of being the highest in the last twenty four years. So, the statistics speak of the situation themselves.
Earlier also in this month, a real estate firm reported that the coming year would witness a new series of foreclosures which indicates that the story of foreclosures problem is far from getting over. Almost three and a half million houses are expected to go into foreclosures in this year as compared to 2.8 million houses in the last year. In the month of May, almost 3 hundred thousand houses got a notice related to foreclosure, which makes May the 15th month in a row to get such a huge number of foreclosure notices.
Even the mortgage program launched by the government has failed to bring US economy back to a normal condition. More and more people are opting out of the program as it doesn’t seem to help them at all. Almost one third of the total people who had opted for the program have now opted out from it. This fall out would eventually lead to faultier mortgage payments and would ultimately lead to more foreclosures. But the situation is a blessing in disguise for all those who are planning to buy a foreclosed property as this is the time when you are likely to get the best deals and maximum discounts. Since such huge numbers of properties are foreclosed, you have a wide variety to choose from. You can opt for the type of house you want and the kind of locality you prefer.
