Foreclosures nationwide and in Tennessee continue to decline

The overall outlook for foreclosures is improving all over the country. According to 24/7 Wall St., in June 2015 the total number of homes in foreclosure throughout the United States was 507,000. That number has dropped more than 25 percent, bringing the current total to 375,000. This decrease in foreclosures, along with a rise in home prices, may indicate that the housing market is strengthening.

Tennessee, in particular, is looking good as it is one of 11 states that have dropped their foreclosure inventories by more than 30 percent. The states with the highest number of foreclosures are New Jersey and New York, while Michigan and Nebraska clocked in the fewest.

Tennessee residents who are looking to avoid foreclosure may want to take a class that covers the fundamentals of buying a home. According to The Chattanoogan, borrowers who took a class sponsored by the Tennessee Housing Development Agency and then participated in the THDA’s down payment assistance program were 42 percent less likely to end up having their home foreclosed on.

By contrast, those who took advantage of the down payment assistance but did take a home buyer education were much more likely to end up in foreclosure. This demonstrates how important it is for home buyers to be informed about what they are getting in to in order for them to be successful home owners. It was also found that people who took the class and later defaulted on their mortgage payments were more likely to get their payments back on track and escape a foreclosure down the road.

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