June 2013 – Foreclosures Are Down
Foreclosures – While the Administration Frowns
According to RealtyTrac, foreclosures hit a 6 and ½ year low in June. While foreclosures are down from last year, the Obama Administration has expressed concern that defaults are still higher than they have been historically. The Deputy Assistant Secretary for Economic Affairs at HUD, Kurt Usowski says:
“Foreclosure starts and completions are down significantly from one year ago; and since January 2012, rising home values have lifted 2.4 million homeowners back above water. That said, we remain cautious because although mortgage delinquencies are trending down, they still remain quite high compared to historic norms.”
The Making Home Affordable Program, as well as distressed property programs offered by the lenders themselves, have helped save millions of American homeowners from foreclosure. Loan modifications, refinancing, and short sales have improved the outlook for many whose homes are upside down. There are regions throughout the nation experiencing a major increase in housing activity while states such as Florida, Georgia, Illinois, Ohio, and other states around the country struggle with foreclosure.
Others are taking the positive news in foreclosure numbers to mean it’s time to restart new home building. DR Horton, Lennar, Pulte, and Toll Brothers have all experienced major increases in their stocks’ share prices recently. A lack of available market inventory in the first half of 2013 has made it difficult for buyers to find homes. Luckily we here at Upside Down CA are experts in the field. Whether you are looking to buy a distressed property or get out from under your mortgage, we can help. Call us today at 916.442.6400.
by Ted Greene