With only a few months of such programs being implemented, many Ohio residents have been able to submit and adhere to these programs allowing them to keep their homes, pay their mortgages without falling into back payments and even providing for their families as they have been doing so before the crisis.

Since the mortgage assistance programs have been implemented, there has been a constant reduction of the foreclosing actions that lenders usually take against borrowers who are unable to keep their mortgage loan payments; regardless of the reason. The numbers do not lie, an almost unbelievable 15.23% has been dropped from the moment that the assistance programs began to apply.

While detractors continue to say that these programs are a bad idea because they imply that the borrowers will be paying their mortgage loans for a longer time; it is indeed a situation where everyone wins. The lenders will be able to get their money back without having to spend additional resources both human as well as financial in the foreclosing process.

Homeowners will be able to keep their payments and still provide a good life for their families and the government will have to spend less resources in caring and providing shelter for families and people who have lost their homes among many other things. Finally, the neighbours of the houses that would have fallen into foreclosure will not see their properties loose their commercial value and can remain as an important investment.

So, with the reduction of the foreclosure percentage, the property values have increased a 2.33%, this means that since the lenders have not been forced to foreclose any properties, they have not been forced to sell them again at a price that is below the actual commercial price of the property. So when the other real estate owners decide to cash on their investments, they can do so at a fair price.

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According to Bob Bossar, and Steve Boyles, former being the real estate agent for W.W. Reed and Son, and the later being the manager of Century 21, the property market is in a better condition, in Kent compared to other places. In the previous few months, the sales figures have improved greatly. Bossar observed that in the Kent county property market the months of July and August were, major turning points, as fresh faculty members and staff joined in.

Bossar feels that, things are becoming more reasonable presently from buyers and sellers’ side as well. Buyers are more specific about the properties nowadays as they can bargain more. Bossar also emphasized that one of the couples he dealt with visited almost 40 homes before settling for one home. He further stressed that given the present conditions the sellers are also aware of the fact that they might not earn as much as they expect.

Boyles selling homes within a range of 20-mile radius observed the same thing. Boyles came across more updated buyers and sellers within the last few months. This increased the average price of selling and the rates of interest were lowered at the same time. In fact, in terms of improvements, Kent is not the only location and according to the last month’s report of, the Commerce Department, the home sales in July were at least 10% higher compared to the month of June.

However, the property market is still in a negative condition. Despite a rising trend of sales during July, the figures featured 13.4% fall compared to the last year’s figure. As per the Mortgage Bankers Association, almost 10% of homeowners in Ohio had fallen behind with their mortgages as of June 30. Approximately, 4.5% mortgages had reached the stage of foreclosing. In terms of delinquencies Ohio became the 8th worst hit state and regarding foreclosures it became the 7th worst affected state.

Though the sales figures at ‘Century 21’ consequently was stable, on an average there is one sale taking place each day and according to Boyles, foreclosed properties account for half the total sales. According to him, the transaction circumstances were better last year.

The associate dean of graduate and professional programs with Weatherhead School of Management at the Case Western Reserve University, Robin Dubin observed that, “It got bad in Ohio before it got bad in the rest of the country.” Dubin feels that this crisis situation has arisen due to fraudulent activities in the market and the weakness in the local economy.

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John T. Adams, the developer Crabapple Mercantile Exchange in Milton and Ellard Village in Alpharetta, the twin suburban retail centers in Atlanta‚ paid deep attention to the minute facts like wooden overhangs, historic-looking brick facades and wrought-iron fences. Recently, however both the projects went into repossession by Flagstar of Troy, Mich, his bank.

However, the conditions of the economy including a major recession have affected the retailers like anyone‚ and so the aspect of retail foreclosures is now a part of the economy of Atlanta.

Retail experts infer that the banks are starting the process of foreclosure on such retail projects because they do not see much hope of their stability with their present owners. While residential properties were engulfed by foreclosure in 2008, most experts according to The Atlanta Journal-Constitution had seen the situation of repossession of retail projects by the banks.

Adams projects, for example were leased by 50% or above and in fact, at one time one of them was leased by 89% as well. However, with the cooling of the economy his problems also rose Adams situation is symbolic to the rest of the retail development industry: as lesser consumers paid from their wallets and the, retailers pushed the developers for rent concessions.

Rents are based, partly on development costs and partly on the market conditions. The developers during the economic boom saw the steady increase of the rents and numerous retailers expanded.

For instance, the, expected retail rents in metro Atlanta helmed at $16 per sq ft during the third quarter of 2008. While in 2009 third quarter, they had peaked to $15.17. This level had not been reached since 2006 end.

The developers can at the most reduce the rents so much when the payers cannot meet the payments of mortgage. If the tenants do not get enough concessions then they might just leave and then there will be very less income.

According to Alan Wexler of Databank Atlanta, which is a real estate research firm, “It’s a trickle right now because the lenders really don’t want to take these things back.” He explained that these projects “have no value” for most banks.

Many of the retail properties purchased and developed in the last three years have lost their value just like the houses of the underwater homeowners, which cannot be sold to cover the mortgage amount.

Wexler observed that, “Now I’m beginning to see a trickle of foreclosures because these are the ones that really have no hope. The lenders just throw up their hands and take them back. Next we’ll start seeing them getting sold for pennies on the dollar.”

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Any expensive house that you want to own may not remain so pricey after a few months. These are the high-end foreclosures and the fillings for these foreclosures have a possibility of increasing in number. In Lee County, all these are pulling down the prices in the property market and according to Jeff Tumbarello, the Southwest Florida Real Estate Investment Association director, “The cream is coming.”

In the month of October, approximately 1,628 foreclosures were filed, this is down by 40% since the record of October 2008, which were 2,665. However, in the recent months, foreclosures though lesser, are showing signs of loss of houses by the middle class. Tumbarello explained that at least one third of houses going in for foreclosures within the last six months were mainly pool homes.

According to a real estate agent with Re/Max Realty Group based in Fort Myers, Brett Ellis, these are mostly high-end foreclosures. The homes those are moderately expensive are already within a demand and supply balance. However, the costlier houses comprise of the market demand and supply more with above $100,000 in Lehigh Acres and $200,000 in Fort Myers.

Kerry Collier, being a real estate investor and broker, commented that she and her business partners purchased a home in Estero. This home was foreclosed and closed at $285,000, which was quite close to their asking price. She further emphasized that, “If you look at the MLS (multiple listing service), there’s a lot out there,” New construction in Lee County is maintaining a pace with the usual pattern of foreclosures according to Brad Hunter, Metrostudy’s market research operations in Southwest Florida director.

According to a Metrostudy report in third quarter, subdivisions for detached single-family homes rose to 194 from 91 during the previous quarter. Simultaneously, the range of vacant inventory increased from 703 homes to 728. According to Hunter, over the past few year the builders prioritized on reducing the inventories. But now the scenario is different the builder has to build a house just to sell a house.

However, the houses that have been built recently will surely face a great amount of competition from those houses that have come back into the foreclosure market. According to Hunter, initially there were only subprime mortgages meant for the reasonably priced houses but presently the prime loan mortgages have also surfaced.

Hunter emphasized that, “There’s still another wave of foreclosures coming and that will bring another round of price declines. Those homes will be a greater competitive threat to the homebuilders than the first wave.”

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As such, they have seen and understood the problems that many homeowners are facing with the current financial crisis; salary cutbacks as well as complete lay outs are some of the events that are keeping most homeowners awake at night.

Such problems are also reflected in the interaction inside the families; the parents start quarreling for situations of expenses, the family as an entity requires the provision of basic necessities such as health, food and school (if there are children). But when there has been a significant salary reduction or a complete laid off situation, there is a cutback on the amount that the family has to provide for all its expenses, the mortgage payment included.

Therefore, the Obama administration launched a program that would provide homeowners in problems with an assistance rope that would allow them to keep their homes and still provide for their families. Naturally, there are criteria to be met and in Arizona, where the foreclosure problems have raised just a 0.46% in regards to the numbers that were present at the beginning of the crisis; this could mean one of two things.

Either the homeowners are not eligible for the programs or the lending institutions are not aware that such programs are actually beneficial for everyone involved. Nonetheless, the price of the properties has also increased a dramatic 7.93% against the increase of the times before the help programs were implemented.

The reason is simple, there are not enough criteria matching homeowners that can actually be eligible and adhere to the assistance programs or they are not yet eligible for these, but since the implementation of the assistance programs for mortgage borrowers, the increase of the property value clearly states that the program is working in Arizona.

It is a matter of time before Arizona can see its foreclosure numbers plummet like the numbers in the rest of the US. Though most importantly, it will be a new beginning and a very much needed assistance and opportunity for homeowners and entire families that are seeking in the most desperate way not to loose their homes.

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The rising trend of foreclosures this summer has set a record in the Chattanooga area. However, RealtyTrac Inc., analyzed that their rate of notices for local default including repossessions accounted for only one-half of the national figures during the 3rd quarter of this year. At least, one out of every 235 properties in Chattanooga metro went through foreclosure since July till September according to the estimation of the RealtyTrac.

There were at least one among every 119 homes in Georgia that faced loan defaults or repossessions from the banks within the July-September duration. The Peach State stood 7th in the ranking for the number of homes being foreclosed. This year’s foreclosures in the Chattanooga were 12% more than last year’s figure and it numbered to 971 foreclosures. However, the rate of foreclosures in Chattanooga remained less than half compared to the other metros in the RealtyTrac list. Among the top 10 scorers like California, Nevada and Florida in terms of foreclosures Chattanooga was no where with a minimal 1/5th foreclosure rate.

According to Nickie Schwartzkopf who is a broker a Realtor and also the president of Chattanooga Association of Realtors, “We never had that big upswing in prices that many other areas did in the past, and that turned out to be a blessing for us in Chattanooga. Home buyers here didn’t get as many of the loans that were questionable.”

With the rising rate of unemployed people in the metro of Chattanooga the foreclosures figure will rise according to Schwartzkopf. She further stressed that, “We have not bottomed out yet. Over the past year, some of the lenders held back on some of the foreclosures and allowed people to try to restructure their loans. But now it’s coming to the point for a lot of people that it is going to involve more foreclosures.” approximately 400 homes will be foreclosed. According to Ms. McLean, a mortgage lender, “We’re still in an unprecedented time, but I hope we’ve hit — or soon will hit — the bottom.”

According to Randy Durham, who is a broker for Keller Williams Realty and president-elect of the Chattanooga Association of Realtors, “as high as I’ve ever seen it. That does tend to hurt the average home seller because of the competition with these foreclosed homes on the market.” In the previous month there were at least 7% of the homes among the Realtors’ Multiple Listing Service, that faced foreclosures and at least 1.7% faced short sales and the some homes were sold below their original price just to avoid foreclosures.

Chief Executive of RealtyTrac James Saccacio commented that, “While toxic subprime mortgages drove much of that first wave of foreclosures, high unemployment and exotic Alt-A Option Adjustable Rate Mortgages are spreading the foreclosure flood to more metro areas in 2009.”

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These programs will provide them with the help that they desperately need so they can keep being able to pay for their mortgage loans and keep their homes.

One of the biggest and most notorious things that these mortgage assistance programs have had in the past and recent months is that they have allowed people to prevail and keep their homes by reducing their mortgage payments though it is true that the period that constitutes and creates the mortgage loan will also expand. Overall, the Obama administration has allowed the US citizens to defend their homes and reach an understanding when it comes to what it is that they can and will expect in a situation such as the one that the country is going through with the current financial crisis.

So it is understandable that the foreclosure actions that the state of Florida is currently having after a few months of such assistance programs being installed has lowered 6.86% to the numbers that the state had been showing prior to the institution and implementation of such programs.

Such decrease on the foreclosure activities that are being carried out all over the state has also been reflected in the price of the real estate property; these prices are going up since the foreclosures are going down.  While for many this is puzzling, it actually is not considering that foreclosed properties by law have to be sold again at a lower price than the average market price.  Therefore, for real estate owners that are near the foreclosed homes this was a nuisance because their own properties’ values depreciated.

The increase of the value of the properties even to the small current 0.35% is a good and bright news for these homeowners and the promise of a brighter future where their properties will become the type of investment that they were looking for.

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According to the program of Making Home Affordable, the lenders get the taxpayer funds so that they cut down on the mortgage repayments to be made by the borrowers. This can be easily done by reducing the rate of interest against their loans. Some others might extend the period for repayment of the loans. The Treasury Department’s report featured that hardly 11% numbering to 95,000 borrowers in Bank of America are felonious and they are the only ones who qualified for the program of modification of the loans. Comparatively, in J.P. Morgan Chase this figure was 27% or 117,000 borrowers and in Citigroup the percentage is 33% amounting to 68,000 borrowers. Moreover, the figures for Morgan Stanley owned Saxon Mortgage Services is 41% approximately amounting to 32,000 borrowers.

Ken Scheller, the senior vice president in the home retention segment at Bank of America observed that, “We’re sure working hard. We don’t want to be down there.” He further emphasized on the fact that the bank apparently altered 215,000 mortgages. These modifications were done out of the realm of federal program. This also included some of the settlements worked out with the attorneys general in relation to the subprime loans that the Countrywide Financial had issued. Countrywide Financial was taken over by the Bank of America in 2008.

According to the industry officials, among the 62 lenders contributing in the federal program were also ramping up. According to the Wells Fargo records, the volume of calls tripled as soon as this program was announced in the month of February. This forced the company to hire at least 5,800 employees more just to manage the requests from borrowers applying for loan modifications. Citigroup was no exception, as they had to increase the number of from 450 employees to 4000 and above to handle their loss-mitigation segment early last year. According to the observations of Mark A. Calabria, an Cato Institute, financial regulation expert, “This was a much bigger wave than the lending industry was expecting.”

The Bank of America seems to face more problems primarily as, its cases of mortgage and faulty borrowers increased greatly as it gained Countrywide according to the observations of the analysts. The loan portfolio of Countrywide featured risky mortgages coupled with faulty borrowers. The crisis of foreclosures has aggravated even after the Treasury officials tried to control the financial institutions through numerous programs in the month of July. Due to the increasing rates of unemployment, increasing number of borrowers is falling behind with their repayments as observed by the economists. At least 4.4 million among the borrowers are homeless since the crisis commenced from 2007 and the Moody’s Economy.com observes that approximately another 2 million are going to lose their homes in 2009.

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The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.

The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by

RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.

Unemployment is the main reason homeowners are falling into trouble. While the economy is likely out of recession, the unemployment rate — now at a 26-year high of 9.8 percent — isn’t expected to peak until the middle of next year.

Mortgage companies sometimes allow unemployed homeowners to defer three to six months of payments while they are looking for a job. But there’s little else they can do.

“The sheer scale of the problem is preventing the loan modification programs from having the kind of impact we’d all like” said Rick Sharga, RealtyTrac’s senior vice president for marketing.

Last week, the Obama administration hailed a milestone in its mortgage relief effort, reporting that 500,000 homeowners have received help since the program was launched in March. But new defaults are still exceed the number of borrowers getting help.

Mortgage companies have slowed down the pace of foreclosures as they evaluate whether borrowers qualify for the administration’s program. Analysts, however, forecast that many of those homeowners won’t qualify, and foresee a new wave of foreclosed properties hitting the market next year. That’s likely to further depress home prices.

Some homeowners are in such a massive financial hole that it’s hard to design a modification that will actually provide lower payments. And some have avoided paying their monthly bill for a long time.

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For instance, homeowners who want to abide by these programs have to be up to date with their mortgage payments and have to prove that the current financial crisis has forced them to allocate more than the 50% of their household monthly income to the payment of the mortgage loan. With this proof, they will also have to demonstrate that they are unable to provide for their families the necessities such as clothes, food and health care.

Once this has been proven, the homeowners are eligible to adhere and benefit from the mortgage assistance program that will allow them to salvage their home while still keeping the needs for their families covered. It means reducing the mortgage payments and increasing the life expectancy of the loan itself. That way, when someone has to allocate around 70% of their monthly income on the payment of the mortgage loan, now it can be reduced to just the 35%.

Such measures have caused that in a state like Minnesota the foreclosure actions that are being carried out have decreased a 13.91% from the start of the application of these programs. Of course, the benefits of such actions are certainly not limited to the houses that will be protected and their owners who have the chance to keep them. It also applies to those neighbors and other real estate owners who used to see that a foreclosure would depreciate their property’s value.

So the real estate properties value have raised as a consequence of this a 3.36% in general, so good news are all around.

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By the second quarter of this year, the number of foreclosed homes increased to approximately 17% despite the implementation of the federal program to help the borrowers to protect their homes from foreclosure. The figure of foreclosures rose to 711 in the Monterey County during the second quarter of this year. While during the first quarter of this year, the records featured 680 foreclosures in this county. This is almost 4.6% hike according to Marina J. Camacho, who is the administrative services coordinator of the county.

Though the local figures are quite high, overall there have been fewer foreclosures this year compared to the same time in the previous year. During the second quarter of 2008, there were 754 foreclosures in Monterey County. This indicates more foreclosures in 2008 compared to 2009.

The national figures feature for foreclosures shows 106,007 within the second quarter as compared to the figure of 90,696 within the previous 3 months as per the reports of the Office of Thrift Supervision. According to the quarterly report, the mortgage figure has reached to 64%, which is an exceptional hike. This hike is consequent to the moratoriums imposed on the government foreclosures.

During this period attempts to help borrowers retain their homes also rose through the programs like Making Home Affordable. According to this plan the lenders received some payments in order to reduce the debts of the homeowners. As per the government data since the initiation of this program there were at least 400,000 borrowers who received help. The intention of the Obama government is to help at least 500,000 borrowers within November.

Moreover, the increasing trend of joblessness not only hindered the efforts to control foreclosures but also stepped up the occurrences of foreclosures. In the meantime, the figure of failure borrowers increased grossly and most of them had missed out on approximately two payments. This led to increment of foreclosures by at least 10%. According to the mortgage data, “continued to reflect negative trends influenced by weakness in economic conditions including high unemployment and declining home prices in weak housing markets.”

The report also reflected the threat posed by the numerous loans that are risky and one of the options being adjustable-rate mortgages. In most cases though, the borrowers take loans as per the low interest rates but in the process the payments increased gradually, inflicting the risk of home loses on the borrowers. Above 15% of such loans led to delinquencies during the second quarter of this year. The report also stated that, “The risks of these loans and geographic concentration caused them to perform significantly worse than the overall portfolio.”

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As these programs are being known by homeowners all around the country, the number of these that adhere to such assistance programs in the quest to keep their homes and maintain their responsibilities fulfilled, such as the payment of the mortgage loans is growing strongly. This also creates a retribution on the price of the properties, meaning that the lending institutions do not have to seek to recover all the investments that they have made on one single collection.

As a consequence, the property prices are also balancing and settling down. Wile the foreclosures forced the lenders to sell the properties at a lower than the commercial value price and have people pushing for them so that the price can be raised, the commercial value of the properties is now increasing.

This means that the value of any real estate property will increase with the passing of time, therefore it will become a nice investment instead of a constant headache. For instance, in Texas alone, with the implementation of the assistance programs for borrowers of mortgage loans the foreclosure percentage in the whole state dropped to 9.87% while the property value and price for the same real estate properties increased a 5.8%.

This allows real estate owners to sell their properties for a profit and not only to cut their losses; in the end, the chances for the real estate market to climb back to the level it once had before the crisis are more than likely.

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During 2007-08 the banks were almost at the edge of collapsing due to the huge number of loan defaulters, who needed help under the ‘$700-billion Troubled Asset Relief Program’ launched by the government. At the same time, the lenders are pressurized so that they find solutions to help the borrowers in trouble. When this is possible the club will let the borrowers get their loans adjusted or the bankruptcy court might just forgive them through the process of cramdowns.

Sean O’Toole, the chief executive of ForeclosureRadar selling loan default data commented that, “If there’s so much as bad news on the foreclosure front, members of Congress will again start talking about bankruptcy cramdowns. We’re probably pretty close to the level of foreclosures we’re likely to see going forward.” As per the MDA DataQuick reports, at least 50,013 homes faced foreclosure within the 3 months by the end of Sept. 30. Last year this figure had risen to approximately 79,511 homes within the same time.

The default notices are in fact, the initial stage of foreclosure and this hiked to almost 19% featuring a figure of 111,689. However, the aspect of stagnant foreclosures compared to the rising defaults proves the leniency of the banks. With the decline of the default notices to almost 10.3%, the foreclosures are expected to reduce. The estimated inventory of Californian properties comprise of 90,000 foreclosed properties according to ForeclosureRadar.

Their estimation also states that at least 140,000 properties are scheduled for auctioning. It will take quite a long time in backlog clearance as numerous properties are still in the clutches of defaulting. However, the aggression of the banks regarding home foreclosing and the property market’s strength are going to determine a lot of things. Moreover the homes that have been foreclosed were resold very quickly.

In California, the last 3 months witnessed the selling of at least 125,000 homes and among these approximately 40% of the houses were foreclosed houses and in 2008 this number was almost 60%. Currently quite a few companies place the foreclosed homes for auctions at the Los Angeles County Superior Court.

The Congressional Oversight Panel considers that the administration needs to focus on more anti-foreclosure programs. The First American CoreLogic data shows that around 35% homes in Los Angeles going through mortgages are in a confusing state. The Obama administration is also considering the option to sell of the distressed properties to those investors who will allow the old owner to stay in that home and pay rent.

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Lenders are consistent with their efforts to help the striving homeowners to sustain their homes so that the massive number of foreclosed homes do not chock the housing and property market. This indicates that the much apprehended rise of foreclosures that might flood the property market in California may be averted primarily due to the positive responses from the banks towards the government effort as they prevented their activity of taking repossession of the distressed properties. The homes all over the state that were taken away by the lenders also decreased grossly as it fell to 37% as compared to last year’s figure during the same time period, especially as back then the foreclosures were soaring.

In case this trend of lesser foreclosures continues then it might allow some amount of recovery for the property market. The analysts strongly feel that a flood of foreclosed properties may just plunge the home values all over again, though the prices of the homes seem to be in control. The economist Kenneth Rosen with UC Berkeley feels that the government officials will do anything to ensure the gradual clearance of the foreclosure backlogs has also observed that, “I certainly don’t think there’s going to be a deluge, or second wave of foreclosures. There’s now an appetite to make sure we get this right.”

However, thousands of homeowners in California are still at risk of facing foreclosures as they have skipped the payments of their debts and despite this the lenders are trying to provide more time to these defaulting homeowners so that they can catch up with the payment schedules. This is happening as the lenders are also concerned about the clogging property market. John Walsh, the president of MDA DataQuick providing research based on the real estate, commented about the reluctance of the lenders towards foreclosing and observed that, “It’s not out of the goodness of their hearts. It’s because they’ve concluded that flooding the market with cheap foreclosures in this economic environment may not be in their best financial interest.”

According to the Bank of America Corp the foreclosure process can be minimized only by exhausting almost every alternative method and option so that the homeowners can retain their homes. They further observed, “We do not hold foreclosed properties off the market. We have an obligation . . . to prepare foreclosed properties for market and sell them as efficiently as possible.”

Many have the opinion that the big lenders including the officials of the government are working through an implicit agreement. Richard Green, the director of USC’s Lusk Center for Real Estate commented that, “I don’t think people are saying it to each other, but they’re seeing it’s in nobody’s interest to have mass foreclosures.”

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The US Economy,which is the largest in the world, is all set to witness a new set of foreclosures with speculation about the mortgage sector probably shooting up in the year 2011 according to reports by First American CoreLogic.The loans have already amounted to $ 1 trillion and 20% borrowers have not paid back their loans. Majority of the loans would just melt away into foreclosures and as people sell out homes or change mortgage terms these loans would cease to exist altogether as pointed by Sam Khater, a senior economist.

Technically speaking, adjustable loans have lower interest rates than fixed rate mortgages which incidentally became popular about 3 decades ago in the 1980’s when interest rates were exorbitantly high and very few people could afford the floating rates, they are now gaining popularity once again because of aggressive marketing by lenders. These loans allured and brought in a lot of borrowers but also seduced people those who could not pay back which eventually led to the sub prime crisis and then of course to a whole global economic downturn.

In the state of California, the United States of America the borrowers took the maximum hit because the prices shot up and fell dangerously.

“Option ARM’s”as they are technically known gives borrowers the option to choose their monthly pay. Most borrowers choose this mode of payment where the unpaid amount is then added on to the remaining balance.

Another option were the “Alt-A loans mostly used by people who don’t have a fixed income, where Alt meant alternate but the downside to this option was that the lenders and borrowers usually lied or kept mum about the income, and with people losing jobs all over, it’s a matter of concern whether they will be able to repay their loans.

According to Gumbinger, an expert in the financial market, mortgages and adjustable loans are not all bad, for, at one point of time, these were exclusive financial products for the affluent and influential, and it still is, to be honest. These financial products cannot be a general product for the masses even today.

Also things have started looking up for the economy, as the difference that was existent between the fixed rate and adjustable rate has started to diminish and industry experts now believe that the “fixed rate loans” are the first choice for most of the people who are first time buyers

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The San Diego County experienced a slight fall in the foreclosures in the previous month, however, the number of defaulters are increasing and the lenders are still; struggling to help those homeowners who are unable to repay their debts. According to the MDA DataQuick report, last month itself there were at least 1,101 foreclosures.

This figure is 8% less than 2008 August and 49% less than September 2008 figure. The default notices being the first stage of foreclosure amounted to 2,726, which is 3% up since August but this figure is almost double the figure last year as default actions were delayed to some extent by the new regulations. According to the analysts this indicates that the trend of trouble and distress will continue.

John Walsh, the President of DataQuick observed that, “There’s a batch of truly nasty loans that were made in mid-2006. There’s another batch made in late 2006. These are worse than the month before and after, and it’s taking a long time to process them.”

According to Andrew LePage, an analyst in DataQuick, the focus of trouble is shifting from low-cost, subprime loans to higher-cost in the inland locations and among the coastal properties, the trend has persisted at prime loans.

For instance, in at least 6 of the ZIP code areas featuring high prices featured an increment of 36% to 140% among the notices of default as compared to the average figure in the last year. However, the number of defaults continued to remain unusual as they were 8 in Coronado, 12 in Del Mar, 21 in Hillcrest, 26 in Mission and Pacific Beach, 34 in Carmel Valley, and 39 in Encinitas.

According to the report of the Mortgage Bankers Association for August the defaults with mortgages were crossing all limits since 1972. The rate of defaults on a seasonal basis was at 9.2% by the end of the second quarter and compared to the last year’s figures this was almost up by 2.8%. Dustin Hobbs, the representative of the California Mortgage Bankers Association, observed that the lenders are not in a major rush to work on the process of foreclosure if they feel that with the present amount of incentives the loan modification can be encouraged.

However, Paul Leonard from the Center for Responsible Lending commented that the consumers have continued to complain regarding the lenders including the companies for loan servicing as they tend to take a lot of time for making decisions. They add to the problems of the consumers when they lose the paperwork and the consumers are shunned from agent to agent but they do not get any help.

Leonard stressed that, “The capacity of the servicers, both human and technological, is still limited and not sufficient to keep pace with the scope of the problems they’re dealing with.” The president of CMG Mortgage Chris George in San Ramon also being the secretary of the mortgage bankers group disagreed to the view.

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Currently there has been a substantial amount of debate on the fact that foreclosures, currently are affecting the up-market, as they no longer remain a problem only for the sub-prime of mortgage segment. This indicates the prevalence of foreclosures among the mid- to high-end market segments. This assumption is true to some extent, as during the real estate boom that took place in 2006, the minimum number of homes that fell in the lowest strata of the one-third of the value of the homes comprised 55% in the foreclosure crisis. While the homes situated in the middle of this one-third value list accounted for 29% foreclosures and lastly the homes featuring on the top of the one-third home value list made up for 16% of the foreclosures.

In the month of July 2009, the homes in the bottom of the one-third home value list comprised of 35% homes for foreclosures, as compared to the range of 35% and 30% respectively for the homes featuring in the middle and top of the one-thirds list. These numbers reveal a huge percentage as 30% of the foreclosures are faced by the homes that are placed on the top of local values for homes. This also means that the homes at the top of the list are foreclosed the most.

The number of borrowers who are defaulting with their Prime, Alt-A and Option ARM mortgages has increased greatly. To add to this, the rate at which these delinquencies are cured and resolved is showing a negative figure. This is leading to increased number of foreclosures even among those borrowers, who are technically placed out of the purview of the sub-prime market which deals in mortgages.

According to the records of the Amherst Securities Group the number of felonies among the borrowers has increased. This has a direct and inverted relationship with the increasing negative equity and falling chances of solving the problem of mortgage delinquencies. According to the second quarter figures of Zillow, there are at least 23% homes with single families, that are lagging behind drastically with their mortgage payments. So the rate of solving the delinquencies in mortgage payments will remain low. The values of homes might be unclear in terms of foreclosure distribution. It may seem like high-end homes are more in number regarding foreclosure but the fact is that the foreclosure crisis affected the areas that have homes with high prices.

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The cases of foreclosure listings are on the rise. Although economy experts and financial professionals have gone on to say that the economy is looking upwards, there are still cases of homes being lost and jobs no more being safe. Although “J.P Morgan”, the behemoth of the banking industry has earned approximately $3.6 billion in just one quarter in the last year still reports are there of unemployment being up at 10%. The stock markets too look bullish as “Dow Jones” index hit ten thousand in 2009 for the first time. The question is, if things are so hunky dory then why are foreclosure levels at an all time high across the length and breadth of the country, especially in Missouri and Kansas?

Reports by “Kansas City Business Journal” states that foreclosure cases in Missouri rose by 8.8% as compared to last year in the month of September. Another report by “RealtyTrac Inc” from California says that foreclosure filings have shot up by 22.4% in the state of Kansas. This is being witnessed throughout the country. Even though foreclosure cases dropped by 4% in September as compared to August as according to reports from 343,638 homes, it only revealed a 29% upward trend from last year September.

According to various financial experts, the reason that this is happening is that the banking firms have changed the lending procedure. When the banks had been given financial aid in 2008 by the Government, that is when they moved away from lending money in the earlier fashion that they were used to. Earlier the banks had always profited by giving credit to medium scale enterprises which had led to the job boom. About 64% jobs were developed in the last fifteen years. Now banks are earning by the taxes that people pay, and are investing that sum into other commercial schemes. In the process, small firms are feeling the heat and leading to job losses. According to Peter Kyle, who is a professor of finance in Maryland University- if the economy revives, then all business sectors would be requiring further credit, but medium and small industries are still trying to turn around and this might take a while. He also feels that as things improve small industries are going to protest about credit policies.

It is no use blaming the banks as they had been hit the hardest by the recession, so naturally they would be a tad cautious about giving credit.

David Kotok says that the banking sector has not recovered as it should have, and that the small sectors have an advantage which is, cheap borrowing and low interest rates.

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Bank of America struggle hard to alter the loans to stay ahead of the deadlines given by the government.

The employees have to keep a track of how much hard work they have to put in to meet their target. They have a cardboard thermometer located just outside the command center in third-floor. This thermometer helps the employees to realize the degree of their achievement and how much more they have to strive to get at least 125,000 borrowers to sign up for the loan modification program.

This institute just like the lenders experiences numerous challenges while dealing with the crisis of foreclosure. However, the bank is racing against time as the November deadline is approaching closer. Unfortunately, the Bank of America is lagging behind the other banks in terms of loan modification as reported by the Treasury Department. The efforts of the company were greatly hindered due to a shortage of staff members, moreover, their computers and fax machines had to be adapted to match the scale of the loan modification program. Their efforts were stalled to a greater extent due to their traditional way of modification as they demanded income documents and other paperwork to be completed before the modification process is approved.
It was only in August the bank allowed certain flexibilities and some modifications were done in absence of the required documents. To add to the problems of the borrowers, the Bank of America misinformed them about their failure to qualify for the foreclosure-prevention plan by the administration as their loans did not have the backing of the government based mortgage agencies like Fannie Mae or Freddie Mac. The bank claimed in the letter to the borrowers that, “Bank of America is not actively participating in this program.” The bank ceased to send these letters only after a reporter questioned them about the letter. According to the representative of the bank, this issue is being reviewed and that she has no idea as to how many borrowers got this letter.

Although, the lenders are pressurized by the government to help as many borrowers as they can, somehow the employees of Bank of America fell apprehensive about the fact that if all the cases are genuine and if all the borrowers asking for help actually need it. Jerry Durham, the vice president of home retention in Bank of America feels that, “There’s a difference between hardship and entitlement.”

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Foreclosures have continued to increase rapidly and it is expected that this scenario will remain even in 2010 mainly due to the aspect of increasing unemployment coupled with the increasing number of loans with adjustable rates that have been reset to higher repayments each month. During the 3rd quarter of this year the number of foreclosure filings were 937,840. This figure shows an increase by almost 23% since the same time period last year as reported by RealtyTrac.

Compared to the second quarter there was a 5% hike at few stages of foreclosures. During this quarter there were at least one out of 136 houses which had to face the process of foreclosure filings and the according to the RealtyTrac reports this quarters figures are the highest in terms of quarterly figures. Rick Sharga in RealtyTrac observed that, "We’d hoped this year would be the peak as far as foreclosures, but we’ve since concluded it will not be. We should see a peak in foreclosures at the end of 2010." There are numerous aspects, which have propelled the situation of foreclosures to this extent. Numerous lenders while dealing with the felonious borrowers avoid the issue of foreclosure. At the end of the moratoriums, the foreclosure woes, will be faced by those borrowers who unfortunately, do not qualify for loan modifications.

A majority number of loans with adjustable-rates are scheduled for resetting and this means that the monthly payments will rise for most homeowners. More borrowers ended up losing their homes as the payments were increased and the rate of unemployment, which was initially 9.8% is supposed to go up to 10% and above. This may lead to a major wave of foreclosures for the second time. Presently, there are 2.8 million home loans, that are active interest-only in nature. These loans have an ‘outstanding principal balance’ of $908 billion. The payments for the interest-only loans is usually low and the duration is for five or seven years. However, with the addition of the principal the payments also tends to increase.

Mark Zandi of Moody’s Economy.com observed that, "Foreclosures should remain really high as long as unemployment is rising, and that is through next spring. They should be very high into spring." Zandi feels that primarily 3.8 million notices were issued to defaulters and out of them at least 2.1 million borrowers might end up being homeless, as they will face the process of foreclosures. They might even fall pray to short sales as well. He supposes that the default notices will decrease in the coming year but somehow the number of foreclosures will increase. For at least 62% of the foreclosures the areas of Nevada, Illinois, California, Florida, Arizona, and Michigan are responsible.

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