The surge in unemployment nationwide has increased foreclosed property inventories. Although there are increases in home sales in many areas, these positive developments are being crushed by falling home prices, rising numbers of jobless Americans and expectations of another wave of foreclosed property inventories.
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An estimated 65 to 75 percent of homeowners whose mortgage loans were modified to save them from foreclosed home listings are expected to redefault within a year, according to studies by New York City-based ratings firm Fitch Ratings.
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The nation’s economy will start to recover from the effects of foreclosed home list inventories in the next several months of 2009, according to a survey of 45 economists who are members of the National Association for Business Economics.
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Pulte Homes Chief Executive Officer Richard Dugas believed that the bank foreclosure list is nearing its end and he could steer his home building company towards recovery after suffering over $500 million in losses due to the housing market crisis.
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The continued rise in foreclosed home inventories in many areas across the country has hindered recovery efforts by homebuilders, real estate businesses, investment banks and other companies involved in the housing industry.
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The foreclosed homes list reduction program launched in 2008 by New York Governor David Paterson has been criticized by New York Senator Jeffrey Klein and State Assemblyman Hakeem Jeffries and by the community organization New York Acorn.
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Southern California registered a 31.4 percent increase in its home sales last month compared with year-ago figures. However, the continuous decline of prices of properties at foreclosed home listing has also severely affected the overall housing market prices.
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Distressed homeowners trying to save their properties from being placed on a foreclosed home list is faced again with yet another obstacle in achieving financial recovery and security. Unscrupulous people and companies offering bogus foreclosure prevention services are growing in numbers every day.
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A bill to help cut down the number of foreclosure VA and other foreclosure homes in Nevada has been introduced by Assembly Speaker Barbara Buckley in the state legislature.
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Many analysts are saying that the first wave of forclosure homes for sale were the results of high-rate high-risk subprime lending and the second wave of foreclosures are being caused by rising unemployment rates.
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