The foreclosure process varies by state, and those that involve going to court draw the process out, making it harder for foreclosures to work through the system. In states where you dont have to go to court, the rate is around 2% right now, but in the court-involved states, the rate is still high since it takes two to four years, says Newport. Smith says about two million foreclosures still need to work their way through the system. They are going to be with us for awhile, but there are government programs trying to slow that and as home prices continue to rise, official site that will also bring people out from underwater and help prevent more defaults. Lending Practices Long gone are the days of easy lending that allowed prospective homebuyers with bad credit and shaky financials to qualify for a mortgage. These subprime loans carried higher interest rates than normal loans because the lender was taking on more risk.
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Real Estate Matters | Negative equity dropping as housing market improves
Of the largest 25 metropolitan areas, Miami-Miami Beach-Kendall, Fla. had the highest percentage of mortgaged properties in negative equity at 36.5 percent, followed by Tampa-St. Petersburg-Clearwater, Fla.
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