Dennis Norman
By:Dennis Norman
The government has taken steps to curtail the rate of foreclosures and help those homeowners that are facing foreclosure with the “Helping Families Save Their Homes Act of 2009″ and the “Making Home Affordable” program however the number of homeowners facing foreclosure is setting records.
As I stated in a post a couple of weeks ago about loan modifications making a difference and helping people stay in their homes,the real benefits of this won’t be seen for another quarter or two. In the meantime the numbers are sad.
According to a report issued by RealtyTrac(R),there were 1,905,723 foreclosure filings (default notices,scheduled auctions and bank repossessions) on 1,528,364 U.S. properties in the first six months of 2009,a 9% increase in total properties from the previous six months and a 15% increase in total properties from the first six months of 2008. This works out to 1.19% of all U.S. homes (1 in 84) receiving at least one foreclosure filing in the first half of this year.
For the month of June there were 336,173 properties with foreclosure filings,the fourth straight month that the total exceeded 300,000 which helped boost the 2nd quarter to the highest quarterly total since RealtyTrac(R)began issuing its report in the first quarter of 2005.
“In spite of the industry-wide moratorium (on foreclosures) earlier this year,along with local,state and national legislative action and increased levels of loan modification activity,foreclosure activity continues to increase to record levels,”noted James J. Saccacio,chief executive officer of Realty Trac.
If you find yourself facing the possibility of foreclosure on your home,there potenitally is help for you but the sooner you act the better. Please see an earlier post of mine about what to do if you are facing foreclosure…there are links to many helpful resources in article….to read it click here.
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