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Debt management may help avoid foreclosure, while filings drop in May
By Angela Hawke on Jun 11th, 2010
Troubles with mortgages could lead to consumers having debt problems, although a recent report indicates fewer home loans were in foreclosure in May.
According to RealtyTrac, foreclosure filings dipped 3 percent from April to May and were reported on 322,920 properties. The tracking firm noted that one in every 400 homes in the country faced some form of foreclosure, including scheduled auctions, bank repossessions and default notices.
Nevada had the highest rate of foreclosure in the country with a number that was five times that of the national average. One in every 79 homes in the state faced a foreclosure filing. Arizona came in second, while Florida rounded out the top three.
As far as the national total goes, California holds the highest number of troubled home loans at 22 percent, while Florida had the second highest percentage.
One reason why consumers may find themselves having trouble with their home loans is because of difficulties with other bills or not having a job. However, they may consider a debt management plan which can help them lower other bills.
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