Foreclosure plague slowing : Filings fall by 8%
The following article that was posted earlier in this month on cnnmoney.com speaks to the fact that in the month of November there was a decrease in foreclosure filings nationwide. This does not necessarily hold true to South Florida. And the questions still persists if this is a temporary lull considering the millions of people who will soon find themselves with no further unemployment benefits as well as no new jobs. So with loan modification plans continuing to be revised by the Obama Administration and hundreds of thousands of people awaiting approval of Short Sale offers by their current lenders we sit and we wait to see what the new year to bring us. I hope that you find the following article insightful and informative.
In a sign that more foreclosures could be on the horizon
This article, originally published on CNN Money gives excellent insight on how and why so many homes in the US are currently “under water” with regard to the value vs the amount owed to the mortgage lender. Personally I believe that there is a direct relation between certain areas of the country being heavily concentrated with Neg-Amm Loans or Pay Option ARM’s as to why these areas also have such high amounts of distressed properties. Read more below . . .
1 in 4 mortgages ‘underwater’
Report shows 10.7 million borrowers are stuck with homes that are worth less than the mortgages they owe.