Foreclosures Fall in the second quarter by Magdalena Rosova

Latest figures showed that every tenth American household with a mortgage was at a risk of foreclosure this summer. Evidently, government's efforts to help people with high mortgages have not had a big impact on the housing crisis. Mortgage Bankers Association said Thursday that approximately 9.9 percent of homeowners had not paid at least one mortgage payment in June. This number is a bit lower that a record-high more than 10 percent in April 30. For the first time in four years the number of homes in the foreclosure process fell slightly. Since December 2007 when the recession began more than 2.3 million homes have been repossessed by lenders. It is expected that the numb! er of foreclosed homes will grow next year. The growing unemployment caused that number of Americans not paying their payments and falling into foreclosure has risen. There is no sign that the unemployment rat will drop soon. An economist Jay Brinkmann says that housing was always in direct connection with employment. Therefore only if employment increase there can be improvement in the housing. Fortunately, there are some encouraging news as well. For example, 4.57 percent less people with mortgage received foreclosure notice in the second quarter. That is a bit less than 4.63 percent in the first quarter and it is also the first drop in four years. The rate of loans receiving their first notice of foreclosures also fell slightly. In the first quarter it was 1.2 percent and in the following one it was 1.1 percent. Foreclosures has also influenced the values of homes, which keep falling. The housing industry is crippled, homebuilders have difficult task to compete with the ! depressed prices.

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by Magdalena Rosova for Cantell TV (http://cantell.tv)

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