Foreclosures Up 9% From June

Homeowners with good credit who took out conventional, fixed-rate loans are becoming the fastest growing group of foreclosures.  The amount of homes lost in July due to foreclosures has jumped in July.  This is a sign that lenders are quickly taking back properties from homeowners that are behind in payments.  Foreclosure listing firm RealtyTrac Inc. said lenders repossessed 92,858 properties last month which is up 9 percent from June.  Banks are clearing out the backlog of bad loans although homeowners who are falling behind on their payments are being allowed to stay in their homes longer because lenders do not want to add to the foreclosed homes already on the market.  Lenders are offering a variety of programs for homeowners to help modify their loans, but success rates vary. The Obama administration has made attempts to help the foreclosure crisis.  About 530,000 homeowners have fallen out of the administration’s main effort to assist those who are facing foreclosure.  The program Making Home Affordable has provided permanent help to about 390,000 homeowners but RealtyTrac still estimates more than 1 million homeowners will more than likely lose their homes to foreclosure this year.

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Posted by newsplet on Aug 12 2010. Filed under Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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