Are Foreclosure Prevention Programs Delaying a Housing Recovery? – LoanRateUpdate

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Are Foreclosure Prevention Programs Delaying a Housing Recovery?

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

READY TO SPEAK TO A PROFESSIONAL?

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

Are Foreclosure Prevention Programs Delaying a Housing Recovery?

HOW LOANRATEUPDATE WORKS

READ OUR DISCLOSURE

FILL OUT THE FORM

It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.

WE VERIFY & TRANSMIT TO LENDERS

Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.

REVIEW YOUR OFFERS

With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.

CHOOSE YOUR LENDER

Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.

LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE

Pick the service you desire below

Are Foreclosure Prevention Programs Delaying a Housing Recovery?

August 15, 2011 (Jeff Alan)

Foreclosure activity decreased four percent from June to July, and was 35 percent below year ago levels, as processing and procedural delays and national and state-level foreclosure prevention programs may be contributing to a delay in the recovery of the housing market according to RealtyTrac’s Foreclosure Market Report for July 2011.

A total of 212,794 U.S. properties received foreclosure filings, either default notices, auction sale notes, or bank repossessions, in July, with one in every 611 U.S. housing units receiving a foreclosure filing.

The reduction in foreclosure filings is not a result of a recovery in the housing market, but has been caused by continuing processing and procedural delays, and a smorgasbord of foreclosure prevention efforts. This has resulted in lenders slowing the pace of foreclosures which RealtyTrac says “should extend current housing market woes into 2012 and beyond.”

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”

Nevada, California, and Arizona maintained the top three spots with the highest foreclosure rates in July. Nevada again led the pack with one in every 115 housing units receiving at least one foreclosure filing. California was second with one in every 239 and Arizona was third with one in every 273 housing units receiving a foreclosure filing in July. All three states posted significant declines in year-over-year foreclosure activity.

Rounding out the top ten in foreclosure rates were Georgia, Utah, Florida, Michigan, Idaho, Illinois and Wisconsin.

In sheer numbers, California had the most foreclosure filings with 56,193 properties receiving a foreclosure filing in July, followed by Florida (22,377), Georgia (11,461), Michigan (10,894), Illinois (10,627), Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534).

The above 10 states accounted for 73 percent of all U.S. foreclosure activity in July.

Tags: RealtyTrac, foreclosures activity, foreclosure filings, default notices, auction sale notes, and bank repossessions, robo-signing

Source:
RealtyTrac

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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.

HOME SELLING TIPS

If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

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August 15, 2011 (Jeff Alan)

Foreclosure activity decreased four percent from June to July, and was 35 percent below year ago levels, as processing and procedural delays and national and state-level foreclosure prevention programs may be contributing to a delay in the recovery of the housing market according to RealtyTrac’s Foreclosure Market Report for July 2011.

A total of 212,794 U.S. properties received foreclosure filings, either default notices, auction sale notes, or bank repossessions, in July, with one in every 611 U.S. housing units receiving a foreclosure filing.

The reduction in foreclosure filings is not a result of a recovery in the housing market, but has been caused by continuing processing and procedural delays, and a smorgasbord of foreclosure prevention efforts. This has resulted in lenders slowing the pace of foreclosures which RealtyTrac says “should extend current housing market woes into 2012 and beyond.”

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”

Nevada, California, and Arizona maintained the top three spots with the highest foreclosure rates in July. Nevada again led the pack with one in every 115 housing units receiving at least one foreclosure filing. California was second with one in every 239 and Arizona was third with one in every 273 housing units receiving a foreclosure filing in July. All three states posted significant declines in year-over-year foreclosure activity.

Rounding out the top ten in foreclosure rates were Georgia, Utah, Florida, Michigan, Idaho, Illinois and Wisconsin.

In sheer numbers, California had the most foreclosure filings with 56,193 properties receiving a foreclosure filing in July, followed by Florida (22,377), Georgia (11,461), Michigan (10,894), Illinois (10,627), Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534).

The above 10 states accounted for 73 percent of all U.S. foreclosure activity in July.

Tags: RealtyTrac, foreclosures activity, foreclosure filings, default notices, auction sale notes, and bank repossessions, robo-signing

Source:
RealtyTrac

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME
IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.

HOME SELLING TIPS

If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 15, 2011 (Jeff Alan)

Foreclosure activity decreased four percent from June to July, and was 35 percent below year ago levels, as processing and procedural delays and national and state-level foreclosure prevention programs may be contributing to a delay in the recovery of the housing market according to RealtyTrac’s Foreclosure Market Report for July 2011.

A total of 212,794 U.S. properties received foreclosure filings, either default notices, auction sale notes, or bank repossessions, in July, with one in every 611 U.S. housing units receiving a foreclosure filing.

The reduction in foreclosure filings is not a result of a recovery in the housing market, but has been caused by continuing processing and procedural delays, and a smorgasbord of foreclosure prevention efforts. This has resulted in lenders slowing the pace of foreclosures which RealtyTrac says “should extend current housing market woes into 2012 and beyond.”

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure.”

Nevada, California, and Arizona maintained the top three spots with the highest foreclosure rates in July. Nevada again led the pack with one in every 115 housing units receiving at least one foreclosure filing. California was second with one in every 239 and Arizona was third with one in every 273 housing units receiving a foreclosure filing in July. All three states posted significant declines in year-over-year foreclosure activity.

Rounding out the top ten in foreclosure rates were Georgia, Utah, Florida, Michigan, Idaho, Illinois and Wisconsin.

In sheer numbers, California had the most foreclosure filings with 56,193 properties receiving a foreclosure filing in July, followed by Florida (22,377), Georgia (11,461), Michigan (10,894), Illinois (10,627), Texas (10,571), Arizona (10,098), Nevada (9,930), Ohio (8,376) and Wisconsin (4,534).

The above 10 states accounted for 73 percent of all U.S. foreclosure activity in July.

Tags: RealtyTrac, foreclosures activity, foreclosure filings, default notices, auction sale notes, and bank repossessions, robo-signing

Source:
RealtyTrac

HOME LOANS CAN BE CONFUSING

YOU'VE GOT QUESTIONS

WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?

DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?

WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?

WE MAKE IT SIMPLE

WE'VE GOT ANSWERS

CALCULATE YOUR MORTGAGE PAYMENT

BENEFITS OF REFINANCING YOUR MORTGAGE

ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN

THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.

INSIDER CAR BUYING TIPS

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.

BUYING VS LEASING

There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.

DEALER OR BANK FINANCING

Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.

BUYING ON THE INTERNET

Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.

AUTO LOAN CALCULATOR

Calculate how much you can afford

BUYING OR SELLING A HOME IS A BIG DECISION

WE MAKE IT EASIER

HOME BUYING TIPS

Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.

HOME SELLING TIPS

If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.

SEARCH FOR A HOME

Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.

FIND THE CREDIT CARD THAT'S RIGHT FOR YOU

THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.

YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS