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Foreclosures are bad- but we're very lucky its not MUCH worse already!
FORECLOSURES - this word is in the news everyday on every news channel, real estate website, newspapers, etc.  Yes- it IS a large problem.  Approximately 9% of the current mortgage clients are delinquent to some extent with their mortgage payment.  Foreclosure filings on a month to month basis, as well as the overall 2007 and 2008 numbers, are quite high- and that naturally affects neighboring home values.
Everyone knows all that, and I hope that the new federal Plan- with details coming on March 4th- will start to help stem the foreclosure tide throughout the country.  As a mortgage officer, I would love for a homeowner to be able to refinance to a lower rate/ lower payment even if they are between 80%- 105% of the CURRENT property value (with no PMI requirements from Fannie/ Freddie).  I don't know about the details, but even if this helps 10%-20% of the people that cannot currently REFI, that is a very good thing- for them and for the economy in general.
Part of Obama's plan is something that gets a lot of press- but actually is not that much of a nationwide problem: people with resetting ARMs- with allegedly higher payments. 
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