New Hampshire Foreclosures Tumble in September
According to the foreclosure tracking firm Realtytrac, the number foreclosure filings in New Hampshire fell sharply to 423. 240 are headed for the auction block, while the balance were taken over by the lenders.
With only 423 filings statewide, September saw the fewest monthly foreclosures in the 12 months, continuing the general downward trend that began in April.
This gives New Hampshire a ratio of 1 foreclosure for every 1,453 houses. In comparison that national average is 1 in 730. The lowest ratio, meaning the most foreclosures, was Florida, with a rate of 1 in every 318.
The number of foreclosed homes sold also fell sharply with 116 units sold statewide. In comparison, August saw 366 homes in foreclosure sold. As of the end of September, New Hampshire had just shy of 4,000 homes in foreclosure.
A foreclosure means that the bank has finally taken action on a bad loan. It would be interesting to know the over 90 delinquency rate for the past ten years. I hear from folks in the real estate and financial industry that banks are holding off on foreclosures. Many people have stopped paying their mortgage and live rent free for 12-24 months before the bank finally forecloses