Foreclosures Slowing Down

Are foreclosures slowing down?

Foreclosures nationwide have dropped 2% in February, compared to the prior month.  The big question on everyone’s mind is if foreclosures are actually coming to a slow stand still.  Even though we are seeing foreclosures gradually slow down, there are several factors that can be covering the reality of the situation. This is in part due to all the government programs that are attempting to stop foreclosures, when in reality they might just be delaying the inevitable.  Lenders are creating delays by not proceeding with foreclosures as soon as borrowers are in default.  The evaluation period of defaults and foreclosures is what is casting a long delay on these properties going into foreclosure.

California is still leading the pack with about 1 in every 195 homes receiving foreclosure filings.  The number of homes that have been taken back from the banks have fallen from 87,648 in January to 78,683 in February.

For the most part, once homes are back on the market they are not having any problem selling.  Only time will tell if any of these government programs are actually going to work or are just delaying the foreclosure process in general.

Housing Assist Coldwellbanker