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 June 01, 2009

Foreclosures Steady, but Still Extremely High
After more than a year of steadily rising, foreclosure numbers leveled off in April. This according to a report released by RealtyTrac. However, the number is still very high and this indicates that many homeowners still face the possibility of losing their homes. There were just over 340,000 households that received a foreclosure notice in April, the highest number since Jan. 2005, when RealtyTrac began reporting the data. The 340,000 homes receiving a notice were up less than one percent from March, but up almost 33% higher than the same month last year.
Data released by RealtyTrac is based on information collected from more than ninety percent of US households. The number of homes taken over by banks slowed in April, a fact caused in large part by Mortgage giants Freddie Mac and Fannie Mae calling for a halt in foreclosures. But the high number of filings indicate that lenders are resuming the practice. A spokesman for RealtyTrac said that we should see a rise in distressed properties listed over the next few months as a result of the large number of filings in March and April.

The states with the highest rates of foreclosure filings continue to be California, Florida, and Nevada. Foreclosed properties have flooded the market, driving down prices nationwide. These discounted properties, while contributing to higher sales in some areas, have many experts predicting that the housing crisis will continue into 2010. Analysts say that although efforts are being made, the rising jobless rate is forcing more and more homeowners into foreclosure. The Obama administration recently announced a plan to provide cash incentives to lenders who modify loans, though experts predict it will take months for the plan to have a significant impact.