Foreclosures have not peaked yet and many experts believe banks are slowing them down on purpose- for now.
Why? Why aren’t the banks foreclosing now?
They want to work through their own inventories of default mortgages first.
Then they will start on the newer delinquencies.
Also- here’s an important point according to the Calculated Risk Blog.
“…historically house prices do not bottom until after foreclosure activity peaks in a certain area.”
What does that mean?
Prices haven’t bottomed out yet in some areas, maybe a lot of areas.
Remember the statistics: 1 in 8 mortgages are in trouble
Read more Housing Doom’s opinion
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More about delayed foreclosures from the net
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Publish Date: 05/31/2010 23:45
They went underwater for a variety of reasons, including the property crisis, medical issues, and the “stupid” decision of their bank to allow them to re-mortgage their home so that they could purchase a truck for their attic-renovation business. … The 1.7 million foreclosure suits current in the United States are increasingly bogged down by legal counter-suits, pressure from government to re-the negotiate, and the sheer volume of workload. The fact that the average …
Publish Date: 06/01/2010 10:16
Especially when they can buy or rent a similar house for much less just down the street. And although some observers whine and gnash their teeth about how this symbolizes the decline and fall of American morality, it’s what corporate borrowers have been doing forever, so it’s about time … Mortgage Home Modification Program is the solution to save your house and stop foreclosureprocess Use this free tool to see if you qualify for loan modification http://bit.ly/bCkrEu …
Publish Date: 06/01/2010 5:24