Statistics about Foreclosure

Since the housing market first started bottoming out in the summer of 2008, foreclosure has been a concern at the front of many Americans’ minds. If you are having trouble making your regular mortgage payments, you may be interested in learning that you are not alone. Foreclosure is serious, and the numbers behind it only serve to underline this fact.

If you or someone you love is facing serious debts and would like to learn whether or not bankruptcy can help you to avoid losing your home, please contact the Arizona bankruptcy attorneys of the Harmon Law Office, LLC, today by calling 480-829-0494.

The Facts about Foreclosure

Foreclosure is a very personal experience, but it is one that millions of Americans have faced. The numbers reported by the FDIC concerning foreclosure underscore how many people have been in this situation:

• In the United States today, approximately one out of every 200 homes will be foreclosed upon. While 0.5% may seem like a small number, for the metro area of Phoenix alone, this amounts to over 20,000 homes.
• According to the Mortgage Bankers Association, 250,000 American families enter the foreclosure process every quarter.
• Over 40% of Americans spend more every year than they make.

The numbers behind foreclosure show how widespread and serious a problem it is for American families. For many, bankruptcy is the best way to begin putting their lives back on track.

Contact Us

If you or someone you love is facing the threat of foreclosure, the Arizona bankruptcy attorneys of the Harmon Law Office, LLC, would like to discuss your situation with you. Contact us today by calling 480-829-0494.