Foreclosures Dipping Nationwide

Foreclosures are dipping as the number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure-prevention programs helped more borrowers.

As an example foreclosure filings in Virginia fell 16 percent from a year ago, RealtyTrac Inc. said today. Also, the filings were down 4.7 percent from September. Those declines could indicate that the problem in the state may be easing.

In Virginia, 5,484 households, or one in every 597 homes, were in some stage of foreclosure activity in October, according to RealtyTrac.

The state was ranked with 19th-highest foreclosure rate in the country. We are seeing lower foreclosure rates nationwide.

U.S. Foreclosures Decreases 6%

RealtyTrac, reports in its just released May 2009 U.S. Foreclosure Market Report that foreclosure filings-default notices, scheduled auctions and bank repossessions-were decrease by 6% from the previous month.
California posted a 4% decrease in foreclosure activity from the previous month.

Default notices, scheduled auctions and bank repossessions in Florida were all down from the previous month.

Related articles:

• Foreclosures Slow 6 Percent in May (abcnews.go.com)
• U.S.home foreclosures fall in May (thestar.com)

U.S. expands housing aid program

Banks could get incentive payments for allowing borrowers to sell their homes at a loss rather than go through foreclosure under new guidelines issued Thursday for the Obama administration’s $75-billion housing plan.

The program, known as Making Home Affordable, focuses on paying lenders to modify distressed borrowers’ loans so that payments are cheaper.

http://www.latimes.com/business/la-fi-housing15-2009may15,0,7106579.story

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