Though many are still feeling the sting of the great financial crisis, the occasional positive story does trickle through every now and again. While many are still seeking employment and trying to make ends meet, signs that the economy on a larger scale is turning around may give hope to those still in dire financial straits. One such thin beacon of light has recently come through with regard to home repossession.
According to a recent report by RealtyTrac Inc., home foreclosures in Alabama and other states decreased last month. The drop was so dramatic as to put the repossession rate at the lowest it has been in five years. The rate is approximately 21 percent lower that it was at this time last year. That was achieved in part by a three percent drop this past month.
Though this is good news for the country and hopefully a sign of continued positive economic trends in the future, not everywhere experienced this trend. Four states did not follow the national trend. And for individuals in other parts of the country, repossession may still be a difficulty they struggle with.
Many factors can cause someone to fall behind on payments and eventually be a victim of repossession. Unemployment, mortgage increases and other financial challenges can leave any person in a tight money situation. Fortunately, there are legal options that can help people stay in their homes and retain their personal property. In some cases, filing for bankruptcy can be the first step toward setting up a system of manageable monthly payments that lead to regained financial stability.
For the country and the individuals living in it, hopefully the drop in repossession means brighter days ahead.
Source: WAFF 48 News, "RealtyTrac: US home repossessions fell in March," Alex Veiga, April 11, 2013