September Foreclosures FALL: Mortgage Industry

September Foreclosures FALL: Mortgage Industry

More foreclosure news to publicize but this time it is positive! According to RealtyTrac in September 2007, all foreclosure categories were down, which include default notices, auction sale notices and bank repossessions, with 39 states reporting decreased activity. What exactly does this mean? Well in my opinion it could be a sign that the market is beginning a stabilization process. Now let me be clear it is not stabilized but may have begun to stabilize. A concern I still have is that October of 2007 had the most ARM adjustments on record but my hope is that the combination of assistance i.e. FHA Secure, Government Assistance Programs, Loan Modifications, etc. will help ease the number of homeowners that are in jeopardy! Only time will tell but it is important to look out for indicators like this. See story below from CNNMoney.com.

• September foreclosures fall
• Mortgage delinquencies slip 8% nationwide; Sun Belt, Rust Belt states continue to dominate top foreclosure rates, according to a monthly survey. By Keisha Lamothe, CNNMoney.com staff writer October 11 2007: 8:29 AM EDT NEW YORK (CNNMoney.com) -- The number of foreclosures across the country dropped in September, falling 8 percent from a 32-month high in August, according to a regular monthly survey. Delinquencies and defaults fell to 223,538 filings, according to the latest data from RealtyTrac, an online marketer of foreclosure properties. RealtyTrac also reported that nationwide numbers (More)

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