Foreclosure Sales Drop – 4 Month Trend
The Number of foreclosure sales dropped in november from the month earlier. This is the fourth month in a row that the number of foreclosure ssles have dropped. This is good news…right?
Yes, but at the same time the economy and the American homeowner is no where close to taken a breather. The decrease in foreclosure levels can be attributed to several factors such as the increase in the number of loan modifications and other actions that have allowed homeowners to stop foreclosure.
- The Obama Loan Modification
- Lenders are more willing to work with Homeowners
- We only have so many homes in this country
We still need to be very cautious how we react to this news and how we move forward with stimulus such as the TARP program which was just extended by Obama. Though the extension did come with limited use.
The TARP programs should not be confused with HAMP or HARP. Which are mortgage assistance programs created by president Obama through his housing plan known as the Making Home Affordable Plan
But the bottom line is that foreclosure sales are indeed down and you have got to be happy about that. This looks even better when you consider that unemployment numbers improved as well dropping to 10% from 10.2%
If we can all hold this momentum and stay with Obama on his Making Home Affordable Loan Modification that he has pushed hard on, then we may very well be on are way back up. Let us hope.
For all you homeowners out there this is the time to put forth those efforts to get a loan modification.
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