Home foreclosures continued to nudge down in October and the state’s housing agency is beginning to speak of the foreclosure crisis having turned a corner.
By historic standards, the number of people losing their homes is still high. October saw about 260 households with that problem. But that’s about 40 less than the month before and from the start of the year, the overall trend is down.
Jane Law with New Hampshire Housing says lenders are taking longer to process foreclosures. There are many reasons but one is potentially encouraging. Some banks think the market will look better in a few months.
“They might be able to get a little bit more on that particular home and reduce the losses they’ve incurred,” Law said.
There was a slight increase in mortgage delinquency rates in the third quarter of the year but the level is still lower than last year.