Yuriy Shor is a case negotiator for foreclosed homes in Atlanta, Georgia. He outlines foreclosure statistics, like the following, for the prior year and looks ahead to 2013.
The states with the largest instance of foreclosure in 2012 were California, Florida, Illinois, Ohio, and Georgia.
1 in 728 homes filed for foreclosure in November of 2012.
Since 2007, the highest foreclosure rates have hit homeowners older than 75. In fact, from 2007 to 2011, the foreclosure rate for this demographic increased eightfold.
Looking ahead, bank regulators and 10 national mortgage companies, including Citibank, JP Morgan Chase, and Wells Fargo, recently reached an $8.5 billion settlement deal. Its terms state that the mortgage companies will pay $3.3 billion to homeowners whose foreclosures were not managed correctly. In addition, they will offer $5.2 billion in financial aid to homeowners who are struggling to meet their mortgages. This deal supersedes the Independent Foreclosure Review of 2011.