Foreclosures on the Rise in 1st Quarter
According to the NewYork Times foreclosure is alive and well at least during the first quarter of 2009. Year over year foreclosures are up 73%!
This is an enormous increase when you consider that foreclosures were coming in at record numbers last year.
There is some good news…kinda. the mortgage workout departments or the loss mitigation efforts of the mortgage lending community has reported that they have increased the number of loan modifications by about 55%. This sounds like a dramatic increase and perhaps it is. But when you compare this number to the 73% rise in foreclosures perhaps it is not as great as we would like it.
The numbers for the Make Home Affordable Plan are in and I am still analyzing some of the data but make sure you check back here soon to read the update as I will post it very soon.
I really feel in my gut that Obama and his home affordable mortgage programs are goingt to do wonders for the American homeowner. Stick with it homeowners.
