Home Foreclosures On Pace to Exceed the 2.8 Million Initiated in 2009
While some good news on the home foreclosure front can be found, home foreclosures this year are on pace to exceed the almost 3 million that were initiated last year. First, the good news:
Home Foreclosure Crisis Easing in California
California has been one of the hardest hit states by the foreclosure crisis. According to a recent article on in the Los Angeles Times on home foreclosure there’s been a precipitious drop in mortgage default notices. The article states:
Mortgage default notices — the first step toward foreclosure — plunged 40.2% statewide in the first three months of the year compared with the same period in 2009, according to San Diego research firm MDA DataQuick.
Home Foreclosure Filings Drop in Dallas-Forth Worth
A recent article in The Dallas Morning News on the home foreclosure crisis, the same trend spotted in California can be found in the Dallas-Forth Worth area, another region hit hard by the home foreclosure crisis. The article states:
The 4,861 Dallas-Forth Worth homes scheduled for foreclosure in May represent a 12 percent decline from a year ago.
If these reports are anything to go by, the home foreclosure crisis may be at the beginning of the end. However, we have a ways to go according to a recent article on BusinessWeek.com. It states:
U.S. home foreclosures this year are on a course to exceed the 2.8 million initiated in 2009, with more than 932,000 filings during the first three months . . .
In spite of the government foreclosure prevention program, HAMP, foreclosures continue to rise. A number of reasons are cited, ie, second liens and homeowners debt-to-income ratios — which remain high.
And, although it wasn’t cited in the BusinessWeek.com article on home foreclosure, unemployment can’t be overlooked. Still hovering near 10% – and exceeding it in some regions — this is a major contributing factor.
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Copyright © 2010 Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.