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Foreclosure rate still high

The national foreclosure rate reported today is still high. As of this time today the markets have reacted in a negative way. So what is the problem?

The Government bail out program and loan re-modification programs have actually worked! Some of these programs were started by the last administration and modified and expanded in this one. So again the question is, what is the problem?

The problem pure and simple is the lagging indicator in a recovery called the unemployment rate. Folks who are in trouble now are folks without a job . These folks do not qualify for modification. They are victims of the economy.

The crisis we face is multi faceted. But it seems like now we are faced with more traditional problems. ( Not sub prime and exotic Wall Street created loans) While the news is not good at least we know we are slowly climbing out of the mess.

It remains a great time to buy. If you are secure in your job the times have never been better to invest in your future through home ownership.

Posted by Charlie Ragonesi 706- 579-1098 on 08/31/2009 12:46 PM

Comments (4)

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Originally posted at: Charlie Ragonesi Big Canoe Realestate's Blog: Foreclosure rate still high

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4 Comments on Foreclosure rate still high

AUG

I wish we were really climbing out of this mess. Until we start to see more job creation, we'll continue to struggle.

SEP

ToulaRosebrock,com

Hi Charlie:

I think we'll continue to see a high about of foreclosures for a while.

We all want a quick fix, but it's going to take time.

SEP

Charlie, It seems to me like they've done little to actually fix the problem. First you had to be behind in payments to get short sale consideration. Then you had to be current with our payments to get relief assistance. That really didn't work, but then they started being better at short sales. It is amazing how the attitudes have been changing, but the average homeowner that is having difficulties, i.e.- loss of job, transfer, etc., is getting no help before going upside down and out.

Hi Charlie, I hope the employment picture improves which will help the housing market.

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