Want more proof that we're not out of the woods yet? Foreclosure filings are up again nationally by 7% with 1 in every 355 homeowners being in foreclosure according to RealtyTrac. "Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions," RealtyTrac Chief Executive Officer James Saccacio said in a press release.
Look friends....it's getting 'less bad' if that's a correct way to put it but we are not yet seeing value growth and certainly not seeing the end of decline above $600K and up. We're a LONG way from having that market segment recover.
Additionally the loan modification programs are NOT working. Through July only 9% of the 2.7 million 60 day or longer delinquent loans had been approved for modification. The Obama administration had hoped for that number to be much higher eventually giving relief to millions of home owners. The reason it's not moving faster? Lenders are making far too much in late and delinquent fees to really want any modification. It's on home owners to make this happen. Those who are persistent will have a chance to save their homes but it will take patience.