September 24, 2009

August 2009 Foreclosures decrease slightly but Not by Much

Filed under: Uncategorized — americanforeclosures @ 12:56 am
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From July to August of this year 2009 foreclosures stayed decreased slightly. Florida, California, Arizona, Michigan, Idaho, Utah, Colorado, Georgia and Illinois comprise of the top 10 states for foreclosure filings. REO listings on the resale market are being more carefully regulated and dropped in August. Despite this, the number of foreclosures barely dropped and remains strong. Six states make of about sixty percent of the nations foreclosure rate. Some of them have improved in August but not by much. In August 2009, 27 states and the District of Columbia reported over-the-month unemployment rate increases, 16 states had decreases, and 7 states didn’t change. Nonfarm payroll employment went down in 42 states and the District of Columbia and went up in 8 states. Barack Obama’s stimulus plan has yet to make a major impact as homeowners continue to struggle to make their delinquent mortgage payments. His $787 billion dollar stimulus package might not be the fix that our economy needs. Hoover and Roosevelt didn’t fix the economy this way during the great depression. A call or lower taxes, less government, and ease of access to production could help boost the economy according to prominent economists. Either way, the economy doesn’t show any soon signs of recovering rapidly and foreclosures continue to remain high.

September 9, 2009

Wells Fargo Increases Home Loan Modifications.

Filed under: Uncategorized — americanforeclosures @ 6:51 pm

wells fargo wagaonWells Fargo & Co. on Wed said they finished 33,172 trial and final modifications under the Home Affordable Modification Program through the end of Aug. That represents a 64 % raise in the past 30 days. The Gov’t program is geared towards helping people who can no longer afford to make their mortgage payments. Wells Fargo modifies one in every six home loans in the US. They plan on modifying more with the act and have modified many loans themselves for a total of about 285,000 loan modifications. This news comes as a Fed survey showed that most people believe that the worst recession since the 1930’s has stopped getting worse.

It’s great to see Banks like Wells Fargo making an effort to help those in foreclosure and modify loans. Most experts aren’t predicting the job market and housing market to recover until mid 2010 despite signs of growth in the economy. Loan modifications are just one way in which banks and the government are trying to rescue the economy that seems to be paying off.

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