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August 15th, 2008

Foreclosures Rising Despite Assistance



According to a report released yesterday by RealtyTrac, foreclosures rose 55% in July from a year ago, and increased 8% in just one month. With policies in place to aid and help homeowners avert from defaulting on their mortgages, why do foreclosures continue to increase?

Diana Olick of CNBC shares the evidence she found that answers why:

First, they were all voluntary…

Second, the huge pool of securitized loans really weren’t easy to do modifications or workouts on…

Third, the types of programs that HOPE NOW pushed initially–the loan “workouts”–generally don’t work out for homeowners in financial distress.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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