How is this for some good Real Estate news!
The rate of property foreclosures dipped last month according to RealtyTrac, a real estate information company.
However, they did go on to say that the levels of foreclosure are still very high and will probably remain at elevated levels for quite a while.
But at least the trend is downward! And it looks more and more like it could be a trend, not just a blip on the radar. They are not only lower than a month ago, but they below the number of homes going into foreclosure a year ago as well!
Read the details of this report in Kim Amadeo’s blog post from this morning.
This comes at a time when the large residential lenders are developing, with the Treasury Department, a couple of plans to keep homes out of foreclosure by modifying the terms of troubled loans.
Fannie Mae will refinance loans up to 105% of a home’s value in some cases and some existing mortgages can qualify for reduced interest rates or extending the term.
If you would like more information on these programs, click the link below:
Let’s hope this trend continues. Until the market is able to absorb the over-supply of bank-owned homes (REO), it will be difficult to return to any measure of price appreciation.
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