Loan Modifications are Up, but so are Foreclosures. The estimated number of homes heading toward foreclosure reached 1.7 million units nationally, up from 1.1 million this same time last year. This data comes from third quarter numbers published this week by First American CoreLogic data. The increase is clearly affecting home sale rates, but at the same time, homes are selling at a faster rate this year than last. The visible inventory supply fell to 7.8 months in September 2009, down from 10.1 in 2008. But the supply of REO home estimates, also referred to as "shadow housing inventory" by mortgage lenders, is at 3.3 months, up from 2.4 months a year ago. Combined, the total unsold inventory by September 2009 reached 5.5 million units, down from 5.7 million in 2008. Shadow housing inventory is comprised of mortgages that are 90 days or more delinquent and that are not included in unsold inventory. This basically means that more homeowners are slated to be foreclosed on this year than last.
If you or someone you know is behind on their mortgage and want to avoid foreclosure, call me today at 703-400-6757. I can give you real answers quickly. Don’t wait!