Foreclosures to take a Holiday Break.........no kidding!

Hi Gary, I would most agree with you. The more difficult issue though is having our industry leadership  help us by giving a better direction for us to follow. Regrettably that isn't happening. At least not as yet.

Hi Susie, we are a whirlwind of change and I suppose until the wind slows a bit so we can see where we are, we are bumping all over the place with no clear direction as yet. I do think we could get some training on loan mods and be able to help out. There certainly are not enough staff in the lenders offices to accomplish this.

Hello Sonja, I think that is what the government is counting on here. Otherwise there will not be enough help out there to change directions and stabilize the housing markets.

Hi Teri, I think what may be the hope in this is that if the workouts are successful, there will be a slowing down of the defaults. The bigger issue still not resolved is the debt ratio and the residual values are still dropping. $800 billion works out at about 24,800 per person in this country. If the money were used ( to pay down mortgages )with the citizens instead of the den of financial inequities,a family of four could use the money to pay down the debt. Lenders could lend and we could right the ship.

Interesting how, the lower common demoninator is used to win elections but when the real test comes, it is never actually considered. Put the $800 Billion in the economy and watch how fast the ecomony improves ( almost over night as it were).

Hi Sharon, I Fannie should have purple hair. Thinking out of the box if you will. LOL. I suspect you are right. I guess I could have photo shopped her hair off altogether which might be the better illustration.

PS, I hope your Thanksgiving was wonderful!

Hi Kate, Your points are certainly well taken. Its back to that need for immediate gratification and the cavalier attitude many have about most things i their lives. I think you points alone, is another whole post about the we as Americans think about most things. It used to be that if a home appreciated a fe percent a year over many years, that was some genuine earned equity. Today, people buy homes and if it has doubled in price in the next couple years they are looking to blame someone. I like the way you are thinking on this!

Woo Hoo, I hope this whole plan works and that they can sharply reduce the number of foreclosures. That will all of us some relief, including maybe stabilizing the markets and hopefully prices can stabilize as well. That could spell some real R-E-L-I-E-F.

With all the work out and loan mods, using REALTORS and Lenders that can help would go a long way a fixing a lot of things. It would be a real win win.

Hi Linda, Too Funny! I think we as REALTORS are a valuable source with links into the community that could seriously lend a greater a hand to getting things stabilized. It just can't happen to soon to get the housing market moving on parity again ( The REO's and short sales have hurt the surrounding property values). This needs some serious help and fast.

Hi Gena, I do believe the giant slalom of REO's would abate a bit sooner but I do believe it will be that long at least before we begin to see an sense of appreciation in property values. There will still be greater numbers migrating to California and the southwest states and that might help at least a little. But for now, it will REO into the foreseeable future.

Hi Allen, It will be interesting for most to discover that come the first quarter of next year, there will be more foreclosures than last year at the same time. Why, the credit reporting companies are saying that the number of people behind in their payments is huge and way more than last year. it tells you that many many more are in trouble than is being predicted.