In my previous posting with the VERY long headline the other day, I challenged any and all to contradict me when I —and a Congressional oversight committee—concluded that the Obama administration’s attempt, thus far, to gain meaningful mortgage modifications has totally flopped.
In even less time than I thought would be the case, I have been proven sadly right: A new RealtyTrac report just out says that foreclosures are up a full 5 percent from summer to this fall…..meaning almost 940 thousand properties were impacted….
And, in case you’re not counting (and who is??? anyone??????) RealtyTrac says that puts the number of foreclosure postings at about 3.5 million by the time the year is out, compared to 2.3 million a year ago. CNN is even reporting the headline, “Foreclosures: ‘Worst three months of all time’
As an Associated Press report points out, “unemployment is the main reason homeowners are falling into trouble.” God, what would we do without the keen insights of the A.P.?
And, what of the government’s program of foreclosure modification? Easier to find a brain inside of Paris Hilton’s head!
As I said in my last post—quoting from a newly released Congressional report–the fact is the banks have all but ignored the entire modification thing, opting , for the most part, to continue taking in all sorts of fees for late monthly payments rather than reducing the principal owed to make it easier for folks to stay in their homes and maybe one day actually pay off the mortgage…which is supposed to be the idea. Right?
Only a week ago, you may recall, Obama claimed the mortgage relief effort is working! Yeah, and I think I found that brain inside of Paris Hilton’s head.
Related posts:
- Foreclosures Jump in September
- Foreclosure Mitigation Deemed A Flop: Congressional Panel Tells It Like It Is; Administration Plan Fizzles; Foreclosures Rise; More Expected; Don’t Expect Much More Government Help; Forget About The Banks Bailing YOU Out; Don’t Bother Rationalization; Treasury Strategy Derided As Not Long Term Solution; Did I Leave Anything Out???; No, I Didn’t!!
- Foreclosures Matter! How Foreclosures have affected homeowners, investors and the economy
- Good News For Washington ,D.C. As Foreclosures Drop
- Foreclosures Way Up In 2007. A Time For Professional Advice
Article Author: Charles FeldmanCharles has written 179 articles for us.
Visit Charles's Website: http://www.thefeldmanblog.com
Charles is currently reporting for KNX Radio in Los Angeles, is the co-author of the book No Time To Think, and can be found commenting about the news on his blog, The Feldman Blog, as well as on The Huffington Post.
Joshua Dorkin
{ 1 comment… read it below or add one }
I have seen statistics that show that delinquent mortgages are way up in 2009 over 2008, approx 50% more. This 2nd wave is very unfortunate for homeowners, but will certainly offer tremendous opportunity. What happens when they raise interest rates to fend off inflation? This seems to be the perfect storm. There are still a ton of subprime and option A mortgage resets, unemployment and income reductions, tons of people underwater and even shadow inventory. Add on the commercial meltdown and the next 3-5 years is going to be interesting, tremendous for savvy investors.
.-= Ryan Moeller´s last blog ..Cash Flow Duplex =-.