One of the mortgage changes expected this year in the industry is the thinning out of the foreclosure glut. This early, there is already a significant drop in the number of repossessed homes.
Think about this. In February alone, based on the most recent foreclosure report, there were about 45,038 foreclosed homes. That is less than half of the 102,000 properties lost to foreclosure during the peak of repossession in March 2010.
Indeed, this year, the country will see a sharp drop in the number of foreclosed homes although some states will still witness an increase in foreclosure activities particularly those with bloated backlogs of distressed mortgages. However, all things considered, majority of states will have a significant decline, both on a monthly and yearly basis as far as the number of foreclosure activities are concerned. For more info on mortgage changes 2013 has in store, click on the link now.