Foreclosure News - Mixed Effects Of Making Home Affordable Program
The federal government's Making Home Affordable Program, according to foreclosure news during the final week of September 2009, has had mixed results in its goal of assisting homeowners get out of the route towards foreclosure. The impact of this government initiative has been finally felt in the moderate decline in the number of foreclosure filings and the slow down in the reduction in home prices. However, the positive aspects of this foreclosure news has been minimal because this particular government program has failed to provide a loan modification to many of the homeowners who could have qualified for it. Wells Fargo and Bank of America have revealed that they have only enrolled six percent and four percent of the qualified borrowers, respectively.
The states of Michigan, Massachusetts and Arizona, according to foreclosure news during the period from August 2009 to September of the same year, have observed a rise of one to two percent in housing prices. Specifically, home prices in Arizona rose to $211,158 from $208,605, those in Massachusetts increased to $162,972 from $161,283, and those in Michigan improved from $90,330 to $92,136. Meanwhile, home prices in the states of California, Florida and Nevada have risen by less than one percent. Specifically, home prices in California increased to $347,970 from $346,649, those in Florida improved to $222,899 from $220,799, and those in Nevada rose to $312,188 from $310,881.
However, foreclosure news for the above mentioned period shows that the states with the best improvements in home prices are Texas and Arkansas. Housing prices in Texas rose by 4.5 percent from $110,674 to $115,671. Meanwhile, home prices in Arkansas improved by 2.8 percent from $93,593 to $96,282.
Another positive aspect of the foreclosure news for this particular period is the reduction in the foreclosure rate in some states. In particular, the foreclosure rate has dropped by 6.3 percent in Michigan, 4.7 percent in California, and 3.6 percent in Georgia. However, foreclosure news has shown that the best improvements were observed in Florida, which saw an 8.21 percent drop; Arizona, which experienced an 8.91 percent decline; and Texas, which noted a 9.46 percent reduction.
It is to be expected that upcoming foreclosure news will even be better because the government has reported that its Making Home Affordable Program has accomplished its targeted number for November 2009 almost one month ahead of schedule. It has been reported that there are now more than 500,000 trial loan modifications that have been initiated, as of the first week of October 2009. This number of trial loan modifications has been actually scheduled for November 1, 2009.
The states of Michigan, Massachusetts and Arizona, according to foreclosure news during the period from August 2009 to September of the same year, have observed a rise of one to two percent in housing prices. Specifically, home prices in Arizona rose to $211,158 from $208,605, those in Massachusetts increased to $162,972 from $161,283, and those in Michigan improved from $90,330 to $92,136. Meanwhile, home prices in the states of California, Florida and Nevada have risen by less than one percent. Specifically, home prices in California increased to $347,970 from $346,649, those in Florida improved to $222,899 from $220,799, and those in Nevada rose to $312,188 from $310,881.
However, foreclosure news for the above mentioned period shows that the states with the best improvements in home prices are Texas and Arkansas. Housing prices in Texas rose by 4.5 percent from $110,674 to $115,671. Meanwhile, home prices in Arkansas improved by 2.8 percent from $93,593 to $96,282.
Another positive aspect of the foreclosure news for this particular period is the reduction in the foreclosure rate in some states. In particular, the foreclosure rate has dropped by 6.3 percent in Michigan, 4.7 percent in California, and 3.6 percent in Georgia. However, foreclosure news has shown that the best improvements were observed in Florida, which saw an 8.21 percent drop; Arizona, which experienced an 8.91 percent decline; and Texas, which noted a 9.46 percent reduction.
It is to be expected that upcoming foreclosure news will even be better because the government has reported that its Making Home Affordable Program has accomplished its targeted number for November 2009 almost one month ahead of schedule. It has been reported that there are now more than 500,000 trial loan modifications that have been initiated, as of the first week of October 2009. This number of trial loan modifications has been actually scheduled for November 1, 2009.
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