December 2007 ended with 45,327 homes being repossessed by banks and January 2008 started with a jump of 57% on bank foreclosures across the nation. In total, the number of homes affected by foreclosure in January was 233,001, which is a straight increase of 8% since December 2007. The good element in an otherwise depressive state of affairs was that the month-to-month filings have not shown any rapid appreciation. But the question is: is that good enough?
Most homeowners would not agree as they are not only losing their homes but some of them don’t even have any other place to go. On top of that the real estate prices are falling especially in areas where there have been maximum government foreclosures. If this isn’t painful enough, most of the streets wear a deserted look and the crime rate seems to have spiraled upwards. Such is the impact of foreclosures!
On the brighter side of foreclosures is the fact that efforts are being made by both the government as well as the lenders to normalize the situation and for effective fire-fighting at the federal as well as state level. To an extent, these measures have started to take effect although there is still a long way to go. The important thing is: are these measures in any way helping the homeowners fight the issue of foreclosure?
In the past it has been seen that some of the efforts made by lenders include the basic solutions like offering the borrowers another opportunity to pay any missed payments. The fact of the matter is that the solutions offered to avoid foreclosure homes have not been focused on lowering their monthly payments. The crux is that lenders need to find better solutions that what they are offering so that the homeowner doesn’t have to go through the painful situation of tackling with bank foreclosures.
Top Cities in USA:
- Boston Foreclosure Listings
- Houston Foreclosure Listings
- Los Angeles Foreclosure Listings
- Miami Foreclosure Listings
- San Francisco Foreclosure Listings
Related Posts:
- Dodd Urges Bush Administration to Focus on Foreclosure Efforts
- Mortgages Becoming More Expensive
- Treasury Looks Into More Anti-Foreclosure Strategies
- Foreclosures Decrease in California and Florida
- Anti-Foreclosure Measures Still Inadequate
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