The Foreclosure Rollercoaster

The "ride" in which we all know so well as "Foreclosure" is needless to say, not over. Last week alone there were 626 homes posted for foreclosure... and that is only one week out of the month!! Little to say, foreclosures are here and they will be haunting us for awhile.

ALL THE MORE REASON TO JOIN US FOR OUR FINANCIAL WELLNESS SEMINARS HOSTED THE 2nd and 4th TUESDAY EVENINGS OF EACH MONTH!!! "Because your future is worth it!" And IDEAL HOMES can help.

"Foreclosures Spike-

One in every 374 U.S. homes received foreclosure filings in April, the highest monthly rate that RealtyTrac, an online marketer of foreclosed properties, has recorded in four-plus years of record keeping. US foreclosures spiked 32% in April. 342,000 homes received notices of
default, auction notices, or underwent bank repossessions, and 63,900 bank repossessions, the last stop in the foreclosure process, took place. "April was a shocker," said Rick Sharga, RealtyTrac's senior vice president for marketing. "I would have bet on a dip because March
foreclosures were so high. "We had been predicting 3.4 million filings for the year, but we'll blow those numbers out of the water." Ten states accounted for 75% of all foreclosure activity, and they fell generallyinto two categories: one-time bubble markets and the
rust belt. The bubble markets were in California, (96,560 filings), Florida, Nevada, and Arizona. The rust belt filings took place in Illinois, Ohio, and Michigan. Georgia, Texas, and Virginia made up the rest of the top 10 list.


But why so many foreclosures?

We've been talking about the wave of new foreclosures likely to come after uncertainty over Obama's various mortgage "rescue" plans spurred a temporary moratorium on foreclosures by mortgage finance companies, including Fannie Mae and Freddie Mac. Well, it's here with a
vengeance and it's expected to get worse as the foreclosures make their way through the system. Most of April's filings were ones in the early stages of the process, like notices of default, according to James Saccacio, RealtyTrac's CEO. The steady erosion of home prices, like those reported by the National Association of Realtors yesterday, just makes it worse as people
find themselves with mortgages that cost more than the property is worth. "[The home price decline] will lead to more foreclosures," said Mike Larson, a real estate analyst for Weiss Research. The Obama administration announced plans in March to provide $75
billion in incentive payments for the mortgage industry to modify loans to help up to 9 million borrowers avoid foreclosure, but with the recent heavy-handed government meddling in the banking industry, no one knows how much the lending industry will cooperate in modifying
loans."

For more information on how you can avoid being a statistic, please call us at Ideal Homes today! We are working with hundreds of homeowners in helping them to avoid foreclosure and providing our economy with a way to get our home prices back to where they should be!

Ideal Homes
303-337-4245