Foreclosure rate still high

By
Real Estate Agent with AllMountainRealty.com

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.

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Charlie Ragonesi All Mountain Realty Big Canoe and Mountain Blog

On line at www.allmountainrealty.com Call at 706 579 1098

We sell Homes                                                    

 

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Rainer
191,456
Jon Budish
Resident Realty - Fort Collins, CO

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

Aug 31, 2009 05:51 AM #1
Rainmaker
545,096
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

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 01, 2009 01:35 AM #2
Rainmaker
122,554
Jim Valentine
RE/MAX Realty Affiliates - Gardnerville, NV

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.

Sep 02, 2009 01:23 AM #3
Rainmaker
544,684
Shirley Parks
Sands Realty 210-414-0966 - San Antonio, TX
Broker, 210-414-0966, San Antonio TX Real Estate

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

Sep 02, 2009 02:15 PM #4
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