Home Foreclosure Numbers are not recovering

Home foreclosure rates keep on climbing, ensuring that the market is ill with bank owned properties. Average Americans are now driving up foreclosure numbers, not the irresponsible few like the sub-prime folk who have been blamed repeatedly. Now it’s people with solid credit who are making things worse, which is a real concern among many experts as well as the ‘Average Joe’. According to a story in the Wall Street Journal, 1 out of every 8 homeowners is now either in foreclosure or are late on their mortgage payments.

Many of these people took conservative, reasonable loans form conservative, reasonable lenders. Job loss can accept much of the blame, because without steady income payments that once seemed easy are now impossible. The reality is that until the unemployment rate improves foreclosure rates are not going to get any better.  A short sale or loan modification can help some people avoid foreclosure but the harsh truth is that without a job it is all delaying the reality of foreclosure.