Foreclosures: Smallest Uptick in 4 Years

[sabra]

Source: CBS News/AP

Expert says Housing Crisis Not Over Yet, and Numbers Could Turn, But There's New Reason for Hope

(AP) The foreclosure crisis isn't over, but the pace of growth may finally be slowing down.

RealtyTrac Inc. said Thursday that the number of U.S. households facing foreclosure in February grew 6 percent from the year-ago level, the smallest annual increase in four years.

More than 308,000 households, or one in every 418 homes, received a foreclosure-related notice, the Irvine, Calif.-based foreclosure listings company reported. That was down more than 2 percent from January.

Still, fears remain about the hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs. Many analysts say most of those borrowers will eventually lose their homes, sparking a new round of foreclosures later this year.

"It's premature to declare victory just yet," said Rick Sharga, a RealtyTrac senior vice president. He did, however, allow that, "If this is the beginning of a slowdown in growth rates, that would be a good thing."

Read more: http://www.cbsnews.com/stories/2010/03/11/business/main6287732.shtml

[Oregone]

1. Its premature to talk about 'victory' yet

Its like a pig celebrating after being bled out for a few days.

When they hit the end of the road here, its seemingly not going to be significantly contributed to any intervention methods. Its going to be because they are at the bottom of the barrel. And that leaves a lot of recovery to be had, as well as suffering yet to come.

[nvme]

2. we almost reached terminal velocity

and are still picking up speed but not quite as fast? Whoppeeeeeeeeeee

[notadmblnd]

3. I got my foreclosure notice back in November

the bank still hasn't taken possession of the house even though I've moved and mailed them the keys. I figured they weren't going to work on putting me out until the weather broke. I had been turned down for the modification program 3xs before I gave up and gave it back to them.