Skip to content

January foreclosures up 57%

February 26, 2008

Foreclosure filings nationwide soared 57% in January over the same month last year, another indication that the nation’s housing woes are deepening.

foreclosure-icon.jpg

A study released Tuesday by RealtyTrac, an online marketer of foreclosure properties, showed that 233,001 homes were affected, 8% more than in December. Of that total, 45,327 homes were lost to bank repossessions.  The only good news was the comparatively modest month-to-month increase in total filings.

“It could be that some of the efforts on the part of lenders and the government – both at the state and federal level – are beginning to take effect,” said James Saccacio, RealtyTrac’s chief executive.

“The big question is whether those efforts are truly helping homeowners avoid foreclosure in the long term, or if they are just forestalling the inevitable for many beleaguered borrowers,” he said.

Many mortgage-assistance efforts simply give borrowers a chance to pay off missed payments, rather than lowering monthly payments, which effectively just delays foreclosures. But now lenders claim they are restructuring more mortgages by lowering or freezing interest rates and reducing balances. These solutions are much More likely to help people save their homes.

Merrill Lynch is forecasting home prices will fall by 15% in 2008 and another 10% in 2009. That will likely continue to fuel high foreclosure rates.

nhe-logo-2.jpg

If you have questions about this topic or any other real estate topic, send your question to: info@NewHomeExecutives.com Read Full Story at CNN Money: http://money.cnn.com/2008/02/26/real_estate/foreclosures_rise_again/index.htm?section=money_realestate

Advertisements
No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: