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Foreclosure filings fall 8 percent in November, but little good news

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posted on Dec, 10 2009 @ 06:52 AM
Full stroy here

As always I'll just touch on some of the key points.

Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.

Still Foreclosure filings were still up 18 percent from a year ago, and a new wave is expected next year as unemployment remains high and borrowers fall out of loan modification programs.

Nationwide, a report Wednesday showed only about 10,000 homeowners received permanent loan modifications this fall under the Obama administration's mortgage relief plan, more evidence of serious failings in the government's effort

Under the program, eligible borrowers who are behind or at risk of default can have their mortgage interest rate reduced to as low as 2 percent for five years. They are given temporary modifications, which are supposed to become permanent after borrowers make three payments on time and complete the required paperwork, including proof of income and a hardship letter. but 10,000 is far short of the millions the Obama admin promised to save.

Elizabeth Warren, chair of a watchdog panel, told reporters that the program is "not working" and that it had failed to make a dent in the record level of foreclosures. More than 14 percent of homeowners with a mortgage are either late on their payments or in foreclosure, and that number is expected to keep rising as unemployment remains stubbornly high.

The Treasury Department is expected to release updated figures Thursday, but data through October showed that fewer than 5 percent of homeowners who completed the trial periods had their mortgage payments permanently lowered to more affordable levels

With less that 5% I too would say the program is a miserable failure!

Among cities, Merced, Calif. had the highest rate, with one in 83 homes receiving a foreclosure filing. It was followed by fellow California cities Stockton and Modesto, and Cape-Coral-Fort Myers, Fla.

Las Vegas, which had been No. 1 on that list for four-straight months, fell to No. 5. Nevada recently adopted a program that requires mediation before banks can seize a property. it doest fix the problem only delays the inevitable...

well that's it... looks like the housing rebound is really a bust!

posted on Dec, 10 2009 @ 07:45 AM
Is just like the big news about the job market and the falling to from 10.2 to 10.0 last month, everybody in government wants to make people believe things are getting better, because they know that most Americans will not research the truth or will just take the news as face value.

With all the money been given to keep homeowners in the homes I expect no better, still without jobs this is nothing but a temporary solution and let see how long can you be allowed to stay in your home without paying mortgage.

In the job front let see how job figures comes back after the holiday season when all the temporary jobs are lay off.

Nothing but deceptions.

posted on Dec, 10 2009 @ 07:54 AM
reply to post by DaddyBare

the % might just be down because it was Turkey time & the X-Mas season is on the horizon...

the repro & foreclosure people are told to 'bacl off' for the holiday spending season...

wait till after New Years, foreclosures will rebound !

posted on Dec, 10 2009 @ 07:59 AM
reply to post by St Udio

Well yes and no. the admin has been hammering on the banks to make a better effort but they do so unwillingly. still with this new push to make the attempt to save more homes, were seeing a pause... while the paper work is taken in...

you are right in after the first of the year it'll be right back to business as usual. most of these behind on their payments folks will never qualify for the program

posted on Dec, 29 2009 @ 12:38 PM
Here is the latest. For what it's worth.

Key Home Price Index Rises for Fifth Month

"We're starting to get a little bit of a turnaround, things are stabilizing," said John Silvia, chief economist at Wells Fargo Securities (WFC) in Charlotte, North Carolina. "People aren't in a panic in terms of selling their homes."

U.S. stocks rose, with the Standard & Poor's 500 Index extending its biggest annual rally since 2003. The S&P 500 added 0.2 percent to 1,129.50 as of 10:20 a.m. in New York, while the Dow Jones Industrial Average rose 0.3 percent to 10,575.34.

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