Property Foreclosures Down
There was some encouraging news on the wires this morning: the rate of property foreclosures dipped last month according to a large real estate information company.
However, they did go on to say that the levels of foreclosure are still very high and will probably remain that way for a while.
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. The numbers are not only lower than a month ago, they are below the number of homes going into foreclosure a year ago, too!
Read the details in this morning’s blog post by Kim Amadeo.
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 property foreclosures (REO), it will be difficult to return to any measure of price appreciation.
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