Foreclosures Are Up Again

April 16, 2009 at 1:57 pm 1 comment

CNBC reports nationwide foreclosures are up 24 percent for the first three months of this year due to the lifting of the moratorium by big lenders who were awaiting the Obama loan modification plan. It will be interesting to find out how the surge in buying activity that we’ve experienced recently will be affected by the increase in foreclosure rate.

Under the Obama administration’s “Making Homes Affordable Plan,” lenders are not required to refinance or modify the loans of distressed home buyers, and the bonus incentives given to lenders for modifying current loans are not causing a significant decrease in foreclosures as of yet. Also, there are many foreclosed homes that are sitting unsold because they require costly repairs or updating that buyers don’t want to be bothered with.

Unless the government requires lenders to modify eligible loans and also requires them to clean up and get foreclosed homes into move-in-ready condition, the supply of homes may continue to rise and home values may continue to decline.

These lenders who we bailed out with hard earned taxpayers’ dollars because of their reckless greed are in the driver’s seat again, directing the outcome of this process. A close accounting to determine that taxpayers’ money is used to curb foreclosures should be in place before all the money is gone and the lenders come back to us for another serving.

Click on http://news.yahoo.com/s/ap/20090416/ap_on_bi_ge/foreclosure_rates for a video and story relating to the new report on increasing foreclosures.

Entry filed under: Arizona Real Estate, Chandler Real Estate, Foreclosures & Short Sales, Phoenix Real Estate, Real Estate Deals. Tags: , , .

ONE MORE REASON CHANDLER, AZ, IS A GREAT PLACE TO LIVE Who is Eligible to Refinance or Modify their Loan?

1 Comment Add your own

  • 1. GEORGE SIMS  |  June 6, 2009 at 12:46 pm

    PRIVATEMORTGAGE FORECLOSURE PREVENTION TRUST IS THE BEST PLAIN TO HELP AMERICAN STAY OUT OF FORECLOSURE.
    AMERICAN NEED A SURE WAY TO STAY OUT OF FORECLOSURE. P.M.F.P..T. PROGRAM KEEPS ANY MORTGAGE APPORACHING FORECLOSURE OUT OF FORECLOSURE FOR EIGHT REARS. AMERICAN NEED HELP WITH PAYING THEIR MORTGAGE UNTILL THE ECONOMY RECOVERS PREDIDENT OBAMA MODIFICATIO N PROGRAM IS ON A CASE BY CASE BASIS.. TRY P.M.F.P.T..

    Reply

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