In foreclosure news during the last week of September 2009, the Making Home Affordable Program of the federal government has had mixed results in its goal of helping homeowners avoid foreclosure. The slight deceleration in the downtrend in housing prices and the small drop in the number of foreclosure filings can be credited to this particular government initiative. However, positive foreclosure news has been limited because many of the borrowers who should have been qualified for this government program have not been given a loan modification. 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. In terms of numbers, housing prices in Michigan rose to $92,136 from $90,330, those in Massachusetts improved from $161,283 to $162,972, and those in Arizona increased from $208,605 to $211,158. Meanwhile, home prices in the states of California, Florida and Nevada have risen by less than one percent. In particular, housing prices in Nevada have improved from $310,881 to $312,188, those in Florida increased from $220,799 to $222,899, and those in California rose from $346,649 to $347,970.
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, housing prices in Arkansas rose by 2.8 percent to $96,282 from $93,593.
Foreclosure news for this period has also revealed that the foreclosure rate in some states has started to drop. 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.
Future foreclosure news is projected to improve further because the government claims that its Making Home Affordable Program has reached its goal for November 2009 almost one month before it is due. As of the first week of October 2009, there are now more than half a million trial loan modifications that are being processed. 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. In terms of numbers, housing prices in Michigan rose to $92,136 from $90,330, those in Massachusetts improved from $161,283 to $162,972, and those in Arizona increased from $208,605 to $211,158. Meanwhile, home prices in the states of California, Florida and Nevada have risen by less than one percent. In particular, housing prices in Nevada have improved from $310,881 to $312,188, those in Florida increased from $220,799 to $222,899, and those in California rose from $346,649 to $347,970.
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, housing prices in Arkansas rose by 2.8 percent to $96,282 from $93,593.
Foreclosure news for this period has also revealed that the foreclosure rate in some states has started to drop. 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.
Future foreclosure news is projected to improve further because the government claims that its Making Home Affordable Program has reached its goal for November 2009 almost one month before it is due. As of the first week of October 2009, there are now more than half a million trial loan modifications that are being processed. This number of trial loan modifications has been actually scheduled for November 1, 2009.
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